Michael Burry Stock Portfolio: 5 Stocks He Sold

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

Number of Hedge Fund Holders: 177  

Decline in Share Price Over Past Year: 41%  

Meta Platforms Inc. (NASDAQ:META) develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. On October 18, Meta Platforms announced that it will sell its Giphy, an animated search engine. Burry sold off a previously-held stake in the firm completely in the second quarter of 2022. 

On November 7, Itau BBA analyst Thiago Kapulskis upgraded Meta Platforms, Inc. (NASDAQ:META) stock to Outperform Market Perform with a $102 price target. 

At the end of the third quarter of 2022, 177 hedge funds in the database of Insider Monkey held stakes worth $14 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 185 in the preceding quarter worth $18.2 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.

In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”

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