5 Best Metaverse Stocks To Invest In

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

Number of Hedge Fund Holders: 220

Formerly known as Facebook, Meta Platforms, Inc. (NASDAQ:META) changed its name back in October 2021 to announce its focus on the metaverse, and has poured billions of dollars into chasing the metaverse through its Reality Labs segment. Additionally, the company provides Meta Quest virtual reality devices, software, and metaverse-related content through the Meta Quest Store. This platform enables individuals to immerse themselves in a wide range of virtual experiences, including gaming, fitness, and entertainment.

According to Insider Monkey’s first quarter database, 220 hedge funds were long Meta Platforms, Inc. (NASDAQ:META), compared to 194 funds in the prior quarter. Billionaire Philippe Laffont’s Coatue Management is one of the largest stakeholders of the company, with a position worth $1.70 billion.

Artisan Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”