5 Stocks ChatGPT Says Will Make Me Rich in 10 Years

4. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 194

Meta Platforms, Inc. (NASDAQ:META) is the communication services company behind social media platforms such as Facebook and Instagram. The company is based in Menlo Park, California.

BofA’s Justin Post holds a Buy rating on Meta Platforms, Inc. (NASDAQ:META) shares as of March 14.

Meta Platforms, Inc. (NASDAQ:META) expects to generate revenues between $26 billion to $28.5 billion in the first quarter of 2023. The company’s shares have risen by 55.54% year-to-date as of March 15. Analysts on Wall Street see an upside potential of 13.73% on the stock.

Meta Platforms, Inc. (NASDAQ:META) was found among the 13F holdings of 194 hedge funds in the fourth quarter. Their total stake value was $15.6 billion.

Weitz Investment Management, an investment management firm,  mentioned Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Unfortunately, the performance story of the year is told by the Fund’s detractors. We’ve written at length in prior quarters about Meta Platforms, Inc. (NASDAQ:META)’s struggles to adapt both to changes in Apple’s iOS platform, as well as pivots to new formats like short-form video (Reels) and platform investments in the metaverse that have dragged shares lower all year.

Meta, Alphabet, Amazon and CarMax were all top detractors for the quarter and calendar year periods (FIS and Liberty Broadband, respectively, complete the quarterly and calendar-year detractor lists.) To varying degrees, each is managing through cyclical challenges during a period of substantial investor pessimism. Drawdowns of this magnitude are painful, and it may be prudent for management to moderate the pace of some investments, but we remain encouraged by their long-term focus. In the short run, cutting spending indiscriminately to “defend earnings” may lessen the pain of a drawdown, but it seldom grows a company’s business value — the ultimate prize. We added to both CarMax and Meta on weakness, and all four remain core holdings.”