Technology Stocks Crash: 5 Biggest Losers

2. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 224  

Percentage Decline in Share Price Over Past Month: 32%  

Meta Platforms, Inc. (NASDAQ:FB) is the parent company of social media giants Facebook and Instagram, and also provides interactive media and other services. On February 8, investment advisory KGI Securities downgraded the stock to ‘Neutral’ from ‘Outperform’ along with a price target of $270. Analyst Freddy Chen issued the ratings update. 

There was also a notewrothy hedge fund exodus from Meta Platforms, Inc. (NASDAQ:FB) in Q4. At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $31 billion in Meta Platforms, Inc. (NASDAQ:FB), compared to 248 positions in the preceding quarter worth $38 billion. 

In its Q1 2021 investor letter, ClearBridge Investments discussed Meta Platforms, Inc. (NASDAQ:FB), noting that it increased its position in the stock during that quarter. Here is what the fund said:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Meta Platforms, Inc. (NASDAQ:FB), while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”