Will Meta Platforms (META) Bounce Back?

Investment management company First Pacific Advisors recently released its “FPA Crescent Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the quarter, the fund returned -4.71% compared to a -4.88% return for the S&P 500 Index. In the trailing twelve months, the fund declined 14.68%. However, in the third quarter, the fund performed favorably in the equity market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

FPA discussed stocks like Meta Platforms, Inc. (NASDAQ:META) in the Q3 2022 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On November 2, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $90.54 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -34.90% and its shares lost 73.04% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $240.071 billion.

FPA made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:

“The share prices of both Meta Platforms, Inc. (NASDAQ:META) and Alphabet have declined significantly over the past twelve months. We believe this is due to a combination of a weakening ad market, depreciation of foreign currencies, and increased competitive intensity. On the positive side, we anticipate each company to continue to generate significant amounts of free cashflow even during these challenging times, which we expect to be redeployed into a combination of growth projects and share buybacks.”

Photo by Alexander Shatov on Unsplash

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the second quarter which was 200 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared Weitz Investment Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.