5 Stocks That Will Double In 2023

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

Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) is a big tech company that is primarily known for its social media applications, Facebook and Instagram.

In the second quarter, 225 hedge funds were long Meta Platforms, Inc. (NASDAQ:META). Their total stake value was $30.9 billion.

Motley Fool named Meta Platforms, Inc. (NASDAQ:META) as a stock that can double in 2023 on December 2, and the stock has risen by 149.34% between then and September 16.

An Outperform rating and a $350 price target were announced on Meta Platforms, Inc. (NASDAQ:META) on August 22 by Ygal Arounian at Wedbush.

Here’s what RiverPark Advisors said about Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META): META shares, continuing their rebound, were the top contributor for the second quarter. The company reported 1Q23 results, beating revenue expectations and lowering guidance for operating expenses and capital expenditures, while increasing revenue expectations.

META owns multiple social media platforms, each with more than one billion users, has an 80% gross margin, and generated $20 billion of FCF in 2022. Both its Facebook and its Instagram franchises have more than 2 billion Daily Active Users and generate the bulk of the company’s revenue. Recently, the company’s short form video offering, Reels, has gained mass user engagement and growing advertiser adoption, which we believe will return the company to strong revenue and free cash flow growth. After its advance, META shares trade at 19x Wall Street’s consensus estimates for 2024 EPS, estimates that we think could prove to be too low.”