5 Most Promising QQQ Stocks According to Hedge Funds

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

Number of Hedge Fund Holders: 234

Menlo Park, California-based Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate formerly known as Facebook, Inc. Its businesses are reported under two segments: Family of Apps – comprising social media web and smartphone apps Facebook, Instagram, Messenger, and WhatsApp; and Reality Labs – comprising augmented and virtual reality products including hardware, software, and content.

Meta Platforms, Inc. (NASDAQ:META) has posted massive share price recovery and growth this year. Its shares were up nearly 191% year-to-date, as of December 18, the second best year-to-date performance on our list.

Following strong earnings in Q3 2023 headlined by normalized EPS of $4.39 surpassing consensus estimates by a whopping $0.79, Truist Securities analyst Robert Zeller raised the price target for Meta Platforms, Inc. (NASDAQ:META) shares to $405 from $390 and maintained a ‘Buy’ rating.

Meta Platforms, Inc. (NASDAQ:META) ranks #3 on our list of 16 most promising QQQ stocks according to hedge funds based on the number of hedge funds holding its shares as of September 30, 2023. The shares of the social media giant were owned by 234 hedge funds with a total value of $35.2 billion. Prominent hedge funds, such as Arrowstreet Capital, Tiger Global Management LLC, and GQG Partners, held the highest number of its shares among hedge funds.