Michael Burry is Buying These 5 Stocks As Recession Fears Mount

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

Number of Hedge Fund Holders: 200    

Meta Platforms, Inc. (NASDAQ:META) is a diversified technology company. Securities filings reveal that Scion Asset Management owned 80,000 shares of Meta Platforms, Inc. (NASDAQ:META) at the end of March 2022 worth $17.7 million, representing 8.83% of the portfolio. Burry first purchased a stake in the company in the fourth quarter of 2018. The stake comprised over 64,000 shares bought at an average price of over $144 per share. This holding was sold off a couple of quarters later. 

On June 8, Piper Sandler analyst Thomas Champion maintained a Neutral rating on Meta Platforms, Inc. (NASDAQ:META) stock with a price target of $220, noting that the firm was the best in terms of ad-tech and scale but faced TikTok competition. 

At the end of the first quarter of 2022, 224 hedge funds in the database of Insider Monkey held stakes worth $19 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 248 in the preceding quarter worth $31 billion. 

In its Q4 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:

“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms, Inc. (NASDAQ:META) (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”