5 Best Stocks To Buy Right Now

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

Number of Hedge Fund Holders: 184

Shares of Meta Platforms, Inc. (NASDAQ:META) have pulled back in 2022 and are offering investors the opportunity to cash in on the weakness. As of October 25, the stock is trading at a PE multiple of 10x and is one of the best undervalued stocks to buy right now. The company is profitable and has a strong cash position. Meta Platforms, Inc. (NASDAQ:META) has a trailing twelve-month operating margin of 33.40% and free cash flows of $35.8 billion.

On October 21, Deutsche Bank analyst Benjamin Black revised his price target on Meta Platforms, Inc. (NASDAQ:META) to $170 from $200 and reiterated a Buy rating on the shares. On October 25, Jefferies analyst Brent Thill adjusted his price target on Meta Platforms, Inc. (NASDAQ:META) to $200 from $225 and maintained a Buy rating on the shares.

At the end of Q2 2022, 184 hedge funds disclosed ownership of stakes in Meta Platforms, Inc. (NASDAQ:META). The total value of these stakes amounted to $18.19 billion. As of June 30, Fisher Asset Management is the leading shareholder in Meta Platforms, Inc. (NASDAQ:META) and has stakes worth $1.86 billion in the company.

Here is what Giverny Capital had to say about Meta Platforms, Inc. (NASDAQ:META) in its third-quarter 2022 investor letter:

“Our worst performers for the year-to-date have been painful. Meta Platforms, Inc. (NASDAQ:META) is down roughly 60%, and Carmax, Eurofins Scientific, Coherent and Ciena have lost about half their value. I’m wearing a dunce cap for Meta, as the changes Apple made to privacy tracking severely impacted Meta’s effectiveness at targeting ads to the right consumers. However, despite being compared recently to AOL by one analyst, Meta continues to capture enormous amounts of consumer attention: roughly 2.9 billion people use one of its sites every day. I believe it has a very long runway on monetizing those eyeballs, especially outside North America. For all its problems with ad tracking, and despite heavy investment in the so called metaverse, Meta should earn about $10 per share in 2022 and more next year. The stock, at $136 on September 30, reflects pessimism that Meta will ever recover. We’re holding because we think that Meta has the resources to improve its advertising efficiency, and that it eventually will.”