Top 5 Augmented Reality (AR) Stocks Among Hedge Funds

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

Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) is one of the most notable augmented reality stocks to buy now. Meta Platforms, Inc. (NASDAQ:META) made a huge pivot to metaverse, VR and AR a few years ago. Meta Platforms, Inc. (NASDAQ:META) has huge plans in this domain. Among these plans include smart glasses, Quest headsets and smart watches. Meta Platforms, Inc. (NASDAQ:META) would be one of the biggest beneficiaries of the overall shift towards VR and AR technologies.

As of the end of the second quarter of 2023, 225 hedge funds out of the 910 hedge funds tracked by Insider Monkey reported owning stakes in Meta Platforms, Inc. (NASDAQ:META). The most significant stakeholder of Meta Platforms, Inc. (NASDAQ:META) was Chase Coleman and Feroz Dewan’s Tiger Global Management LLC which owns a $2.5 billion stake in the company.

Artisan Global Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2023 investor letter:

“Our best performing stocks this quarter were Meta Platforms, Inc. (NASDAQ:META), Alphabet and Heidelberg Materials. Meta was the largest contributor to performance. Its shares have almost fully recovered from last year’s declines, rising 35% during the quarter and 138% YTD. During the quarter, the company reported earnings that showed a return to growth and healthy user engagement metrics. Most importantly, profitability appears to have stabilized and is poised to improve as significant cost reduction actions implemented over the past six months begin to have an impact. Separate from fundamental performance, there is excitement over AI’s potential to help the company’s business. While Meta’s technology prowess and massively scaled media platform certainly position the company to take advantage of AI, we believe it’s far too early to estimate any discrete tangible benefits. Overall, we view AI as one of several drivers that will contribute to Meta’s continued growth.”