5 Blue Chip Stocks to Buy According to Billionaire Jim Simons

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

Renaissance Technologies Stake Value: $884 million

Percentage of Renaissance Technologies’ Portfolio: 1.04%

Number of Hedge Fund Holders: 184

With 2.5 billion monthly active members, Meta Platforms, Inc. (NASDAQ:META) is the largest social network online. The company’s ecosystem primarily comprises of the Facebook app, Instagram, Messenger, and WhatsApp, as well as several services around these products.

Meta Platforms, Inc. (NASDAQ:META) reported revenue of $28.82 billion, recording a decline of 0.88% YoY and posted a normalized EPS of $2.46, missing consensus estimates by $0.09. The CEO of Meta Platforms, Inc. (NASDAQ:META), Mark Zuckerberg, while speaking to investors on the second quarter results, commented:

“In this environment, we’re focused on making the long-term investments that will position us to be stronger coming out of this downturn, including our work on our discovery engine and Reels, our new ads infrastructure and the metaverse. And we’re also focused on being rigorous about measuring returns and sizing these investments correctly.”

At the end of Q2 2022, 184 hedge funds tracked by Insider Monkey owned Meta Platforms, Inc. (NASDAQ:META). Fisher Asset Management was the stock’s leading stakeholder in Q2, owning Meta Platforms, Inc. (NASDAQ:META) shares worth over $1.8 billion.