5 Near Monopoly Stocks in the US

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

Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META), formerly recognized as Facebook, Inc. and TheFacebook, Inc., stands as a prominent American multinational technology conglomerate based in Menlo Park, California. The company oversees a diverse portfolio of products and services, including Facebook, Instagram, Threads, WhatsApp, and several others. Meta Platforms, Inc. (NASDAQ:META) recently introduced AI tools for image editing on Instagram, along with new chat stickers. Analysts at Barclays are optimistic that these AI-driven initiatives could enhance engagement across Meta’s social apps in 2024, potentially leading to a significant boost in the company’s core advertising revenue, estimated at $16 billion.

As of the conclusion of the third quarter in 2023, 234 out of the 910 hedge funds tracked by Insider Monkey disclosed holdings in Meta Platforms, Inc. (NASDAQ:META). Citadel Investment Group, led by Ken Griffin, emerged as the largest stakeholder during this period.

Weitz Investment Management Large Cap Equity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:

“As for other quarterly contributors, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”