Do You Believe in the Long Term Growth Prospects of Meta Platforms (META)?

Rowan Street Capital, an investment management company, released its 2022 yearly update. A copy of the same can be downloaded here. The fund declined -61% in 2022, due to the decline of growth stocks in the year as the fund’s portfolio is dominated by growth companies. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Rowan Street Capital highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On January 10, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $132.99 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 9.38%, and its shares lost 60.09% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $348.726 billion.

Rowan Street Capital made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) Stock declined -64% in 2022, while their revenues fell just -2% and earnings per share (EPS) declined -37% due to a ramp-up in investment expenses, which we have covered to a great extent in our recent write-up on META). Meta is our second biggest holding in the fund and one that has been a significant detractor from performance in 2022. We published a write-up back in November: Does a $750 billion decline in Meta’s market cap make sense? We strongly encourage you to read it if you have not had a chance to do so. We expect our META holding to be a solid contributor to the fund’s performance over the next several years as well.”

Photo by Timothy Hales Bennett on Unsplash

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 177 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the third quarter, which was 185 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the most valuable silicon valley companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.