5 Best American Stocks To Buy Now

1. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 266

Coming in at first on our list of the 11 best American stocks to buy now, Meta Platforms, Inc. (NASDAQ:FB) is a California-based social media technology company. Formerly known as Facebook, the tech titan has branched out to add e-commerce, cryptocurrency, and artificial intelligence among its business sectors.

In the third quarter of 2021, Meta Platforms, Inc. (NASDAQ:FB) reported an EPS of $3.22, beating the estimated EPS by $0.04. The company’s reported revenues for the quarter amounted to $29.01 billion, an increase of 35.12% on a year-over-year basis.

On October 28, Piper Sandler analyst Thomas Champion maintained a Neutral rating on the shares of Meta Platforms, Inc. (NASDAQ:FB) with a $385 price target, noting that the company’s name change from Facebook to Meta is a ‘significant’ move.

As of the end of the second quarter, 266 hedge funds tracked by Insider Monkey reported owning stakes in Meta Platforms, Inc. (NASDAQ:FB). The total worth of these stakes is $42.3 billion. This shows the hedge fund sentiment is positive for the social media company as 257 funds had stakes in Meta Platforms, Inc. (NASDAQ:FB) in the previous quarter, having a total worth of $40.9 billion.

First Eagle Investment Management, an investment management firm, mentioned Meta Platforms, Inc. (NASDAQ:FB) in its Q2 2021 investor letter. Here is what the fund said:

“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.”

You can also take a peek at 10 Cheap Dividend Kings with Over 2% Yield and 12 Best Semiconductor Stocks To Invest In Right Now.

Follow Insider Monkey on Twitter