Hedge Fund Manager Louis Bacon’s Top 5 Stock Picks

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

Moore Capital Management Q2 2023 Holdings: $209.39 Million
Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) is one of hedge fund manager Louis Bacon’s top stock picks as technology benefits from the increased popularity of artificial intelligence and cooling inflation. The company has made a name for itself by offering apps connecting friends with family through mobile devices, personal computers, virtual reality headsets, and wearable worldwide.

After a year to forget, Meta Platforms, Inc. (NASDAQ:META) has bounced back, rallying by more than 140%, affirming its status as hedge fund manager Louis Bacon’s top stock pick. The rally comes on the company’s fortunes improving after top-line growth stagnated and earnings declined in 2022.

Meta Platforms, Inc. (NASDAQ:META) has delivered better-than-expected results in 2023, with revenues increasing 3% in Q1 to $28.6 billion and 11% in Q2 as earnings shot up 21%. The increase came from increased spending on advertising, a key area where the company generates its revenues. Management expects Q3 revenues to grow 20%, affirming underlying growth.

According to Insider Monkey, 225 hedge funds owned shares of Meta Platforms, Inc. (NASDAQ:META) as of Q2 2023, after analyzing 910 hedge funds’ holdings. The company’s largest hedge fund owner in our database was Tiger Global Management LLC, managed by Chase Coleman and Feroz Dewan, with a stake of 8.57 million shares valued at $2.46 billion.

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