5 Tech Stock Picks of Cristan Black’s Empirical Capital

2. Twitter, Inc. (NYSE:TWTR)

Empirical Capital’s Holdings: $6 million

Percentage of Empirical Capital’s Portfolio: 6.34%

Number of Hedge Fund Holders: 94

Twitter, Inc. (NYSE:TWTR) is a social media platform headquartered in the United States. A global phenomenon, it allows its users to communicate with friends and followers by sharing briefly worded messages.

In its third fiscal quarter, Twitter, Inc. (NYSE:TWTR) reported $1.2 billion in revenue and -$0.67 in non-GAAP EPS, missing analyst estimates for both. Morgan Stanley lowered its price target to $62 in a November 2021 analyst note, outlining that higher investment spending and lower advertisement revenues mark headwinds for the company.

Mr. Black’s investment firm held 100,000 Twitter, Inc. (NYSE:TWTR) shares as Q3 2021 came to an end. These were worth $6 million and represented 6.34% of its portfolio. Similarly, by Q3 2021 end, 94 of the 867 hedge funds polled by Insider Monkey held a stake in the social media firm.

Twitter, Inc.’s (NYSE:TWTR) largest shareholder is Stephen Mandel’s Lone Pine Capital via owning 21 million shares worth $1.3 billion.

ClearBridge Investments said the following about Twitter, Inc. (NYSE:TWTR) in its Q1 2021 investor letter:

“Media has been another bright spot for the Strategy, boosted by the return of live events and subsequent rebound in advertising as well as good initial traction for several of our companies new streaming services. Twitter was also a solid contributor on strong results and better-than-expected projections for future user and revenue growth.”