5 Stocks to Buy Now According to Hari Hariharan’s NWI Management

3. Meta Platforms, Inc. (NASDAQ:FB)

NWI Management Stake Value: $58,861,000
Percentage of NWI Management’s 13F Portfolio: 3.86%
Number of Hedge Fund Holders: 224

Meta Platforms, Inc. (NASDAQ:FB), formerly known as Facebook, Inc., is an American global technology corporation located in Menlo Park, California. As of the end of the fourth quarter, 224 hedge funds in Insider Monkey’s database of 924 funds held stakes in Meta Platforms, Inc. (NASDAQ:FB), down from 248 funds in the prior quarter.

Meta Platforms, Inc. (NASDAQ:FB) was downgraded to Hold from Buy by Argus analyst Joseph Bonner on February 4. According to the analyst, the company’s Q4 numbers were somewhat disappointing, but his rating adjustment was due to the company’s 2022 guidance. On February 2, Meta Platforms, Inc. (NASDAQ:FB) posted a Q4 EPS of $3.67, missing the consensus by $0.16.

In Q4 2021, NWI Management held a stake worth over $58.86 million in Meta Platforms, Inc. (NASDAQ:FB), after increasing its position by 40%. Meta Platforms, Inc. (NASDAQ:FB) accounted for 3.86% of NWI Management’s portfolio.

Jefferies Group mentioned Meta Platforms, Inc. (NASDAQ:FB) in its third-quarter 2021 investor letter. Here is what the firm said:

“While still early, FB is in the process of building the platforms that will ultimately support the development the Metaverse. We look at FB’s position through the lens of 4 current investment initiatives: 1) Oculus VR hardware, 2) Smart glasses, 3) Augmented Reality lenses, and 4) “Horizon Workrooms”

Oculus Virtual Reality hardware: Since acquiring Oculus in 2014 ($2B deal), FB has been focused on developing best-in-class hardware and complementary software & services to support VR experiences. The Oculus Quest 2 is FB’s newest VR headset; it retails at $299 and allows users to play games, try fitness classes, play sports, and watch concerts in virtual environments. Most importantly, Quest 2 is linked to users’ Facebook accounts, which means users can seamlessly connect with friends in virtual environments to play games or spend time together. We believe one of FB’s biggest differentiators in VR is its large array of non-gaming experiences that were designed for Oculus. For instance, users can explore extreme terrain in National Geographic Explore VR, join virtual fitness classes, or simulate being a chef. As FB’s hardware continues to improve and becomes less cumbersome, we would expect a flywheel of greater developer and user adoption of VR…” (Click here to see the full text)