5 Best NASDAQ Stocks to Buy Now

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

Number of Hedge Fund Holders: 177

While its shares have declined substantially this year, Meta Platforms, Inc. (NASDAQ:META) is still a quality stock given its normalized earnings power. In terms of its earnings potential, analysts estimate Meta Platforms, Inc. (NASDAQ:META) will earn $9.10 per share in 2022, $8.15 per share in 2023, and $10.34 per share in 2024.

ClearBridge Investments commented on Meta Platforms, Inc. (NASDAQ:META) in a Q3 2022 investor letter,

We initiated a new position in Meta Platforms, Inc. (NASDAQ:META), in the communication services sector, which operates the Facebook and Instagram social media platforms and is a leading digital advertising provider. We have been carefully watching the company over the last few quarters and believe headwinds from lower monetizing in Facebook and Instagram Reels and pressures from consumer privacy measures are poised to lessen. We believe the company has begun to fully acclimate to this new environment, will achieve greater effectiveness in Reels monetization and find ways to adapt to new privacy standards which will rebound advertising efficiency. Combined with a greater focus on cost control, we believe these initiatives will help contribute to further margin expansion and leave the company well-positioned moving forward.