These 5 Stocks are Plummeting After the Fed’s Latest Rate Hike

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

Number of Hedge Fund Holders: 184

Meta Platforms, Inc. (NASDAQ:META) is next on the list of 5 stocks that plummeted after the Fed’s latest rate hike. The stock tumbled nearly three percent on Wednesday, September 21.

The social network giant has also been hit by the negative impact of elevated inflation and higher interest rates. Meta Platforms, Inc. (NASDAQ:META) shares have declined about 58 percent on a year-to-date basis.

Last week, Piper Sandler analyst Thomas Champion trimmed its price target for Meta Platforms, Inc. (NASDAQ:META) from $190 per share to $175 per share, citing intensifying competition and weak advertisers’ confidence.

Meanwhile, Meta Platforms, Inc. (NASDAQ:META) is trying to reduce costs to make up for the slow growth. The company is reportedly planning to lay off 10 percent of its employees as a part of the cost-cutting measures.