Billionaire Louis Bacon’s 5 Tech Stock Picks

4. Facebook, Inc. (NASDAQ:FB)

Moore Global Investments’ Stake Value: $96,983,000

Percent of Moore Global Investments 13F portfolio: 1.37%

Number of Hedge Fund Holders: 266

Facebook, Inc. (NASDAQ:FB) is an American multinational technology company that specializes in online social networking and allows users around the globe to connect. The company stands fourth on our list of the billionaire Louis Bacon’s 10 tech stock picks.

In September, RBC Capital initiated its coverage on Facebook, Inc. (NASDAQ:FB) with an ‘Outperform’ rating and a $425 price target. In the same month, Oppenheimer also lifted its price target on FB to $405, while keeping an ‘Outperform’ rating on the shares.

As of Q2 2021, 266 hedge funds tracked by Insider Monkey have positions in Facebook, Inc. (NASDAQ:FB), compared with 257 in the previous quarter. These stakes are valued at over $42.3 billion.

First Eagle Investment Management mentioned Facebook, Inc. (NASDAQ:FB) in its second-quarter 2021 investor letter. Here is what the firm has to say: 

“Leading contributors in the First Eagle Global Fund this quarter included Facebook, Inc. Class A. Facebook has continued to post impressive results for both revenue and active users of its traditional platforms. In the meantime, the social media giant continues to make progress on new initiatives—like Facebook Horizon (virtual reality) and Facebook Shops (e-commerce)—and maintains attractive monetization optionality around services like Messenger and WhatsApp.”