10 Best Growth Stocks To Invest In Now

3. Meta Platforms Inc (NASDAQ:META)

Number of Hedge Fund Holders: 235

Meta Platforms Inc (NASDAQ:META) is the technology conglomerate behind Facebook, Instagram, Threads, and WhatsApp, with over 3 billion daily active users across all its platforms. META is leveraging artificial intelligence rapidly, especially for its overall social media experience. On November 20, the company introduced AI backgrounds and several other features for Messenger calling, also ensuring that its customers enjoy a more entertaining social media experience.

Some may argue that Meta Platforms Inc (NASDAQ:META) holds dominance in the social media sector, especially because it owns some crucial AI technologies. On October 29, JPM Securities managing director & equity research analyst, Andrew Boone, appeared in an interview on Yahoo Finance where he shared insights on META. Boone suggested that META has become a leader in AI implementation to enhance the overall social media user experience, highlighting it is currently the most mature, especially in terms of operational LLMs. Overall, Meta Platforms Inc (NASDAQ:META) has a solid business model with a prominent growth trajectory. The company is pioneering artificial intelligence and is expected to spend billions to support the goal.

Rowan Street Capital stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q2 2024 investor letter:

“We are pleased to report that Meta Platforms, Inc. (NASDAQ:META), our largest position in the fund, has delivered a remarkable performance, +450% since our November 2022 note. Our investment in Meta dates back to 2018, with an average cost basis of approximately $172 per share. Today, the stock trades around $535, reflecting a 3x return over the six-year holding period, equating to a 20% annualized return.

We would like to remind you that achieving these types of returns is never a straight path. From time to time, we might experience volatility — that’s simply part of the investment journey. In fact, wealth creation and volatility go hand in hand. There’s no escaping it; it’s the “price of admission” the market demands. If you take a look at the chart below, you’ll notice the drawdowns META stock has faced over the years, with 2022 standing out as a particularly challenging period, where the stock saw a 75% drop….. ” (Click here to read the full text)