Top 5 Stock Picks of Joe Magyer’s Lakehouse Capital

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

Lakehouse Capital’s Stake Value: $23,714,000

Percentage of Lakehouse Capital’s 13F Portfolio: 13.39%

Number of Hedge Fund Holders: 266

Meta Platforms, Inc. (NASDAQ:FB) is the parent company of Facebook, Instagram, and WhatsApp. After the recent corporate rebranding of the company, Piper Sandler analyst Thomas Champion on October 28 kept a Neutral rating on the shares with a $385 price target, classifying the shift from Facebook to Meta Platforms, Inc. (NASDAQ:FB) as a necessary and significant move.

Meta Platforms, Inc. (NASDAQ:FB) is the largest holding in Lakehouse Capital’s Q3 portfolio, with Lakehouse Capital owning 69,873 shares in Meta Platforms, Inc. (NASDAQ:FB), worth $23.7 million, representing 13.39% of the firm’s Q3 securities. 

Meta Platforms, Inc. (NASDAQ:FB) reported on October 25 its Q3 results. The Q3 EPS came in at $3.22, beating estimates by $0.04. Revenue for the period totaled $29.01 billion, missing estimates by -$513.23 million. 

As of June this year, 266 hedge funds out of the 873 funds monitored by Insider Monkey were bullish on Meta Platforms, Inc. (NASDAQ:FB), with a total stake value of over $42 billion. 

Here is what Polen Capital has to say about  Meta Platforms, Inc. (NASDAQ:FB) in its Q3 2021 investor letter:

“Facebook’s stock was pressured on concerns about regulation in the quarter. We are constantly monitoring the potential regulatory risks to Facebook (and all of our holdings). At this point, we see very little chance that regulation changes Facebook’s business model in a meaningful and adverse way. Regarding the recent data shared by a former Facebook employee and the company itself on some of the unfortunate negative consequences of social media, we recognize these types of issues will inevitably linger in different forms and fashions well into the future. We have been focused on the ability of Facebook to identify and mitigate these negative consequences while amplifying the value users typically cite for its apps across a long list of use cases. We continuously monitor the vibrance of the user base on Facebook’s apps to confirm that value.”

You can also take a look at Top 10 Stock Picks of Brad Farber’s Atika Capital and 10 Healthcare and Software Stocks to Buy According to Michel Massoud’s Melqart Asset Management.

Follow Insider Monkey on Twitter