10 Best Stocks to Buy For Long Term Growth

3. Meta Platforms Inc (NASDAQ:META)

Number of Hedge Fund Holders: 235

Meta Platforms Inc (NASDAQ:META) is a technology conglomerate behind Facebook, Instagram, Threads, and WhatsApp. The company has a large user base of over 3 billion daily active users across all its platforms. Over the past few months, the company has leveraged its expertise in AI and augmented reality, having launched its debut AR glasses, Orion, in September. On the same day, the company released its most affordable mixed-reality headset, Meta Quest 36. Meta Platforms Inc (NASDAQ:META) is also working relentlessly to become one of the best recommendation technology companies backed by AI.

The company is not just improving the life of the mass consumer. In fact, the company aims to solve mission-critical tasks at a state level. On November 4, Meta Platforms Inc (NASDAQ:META) announced that it is making Llama available to government agencies in the United States dedicated to national security applications. The company believes that the use of open-source AI would help the sector improve efficacy. Llama is already in use and functional by some of the biggest technology companies in the world, positioning it as Meta’s breakthrough technology that sets it apart.

Meta Platforms Inc (NASDAQ:META) has a solid business model with a prominent growth trajectory. The company is pioneering ad tech using artificial intelligence, which is challenging for any other company to replicate.

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)