Top 5 Stock Picks of Mark Moore’s ThornTree Capital

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

Value of Mr. Moore’s Stake: $46 Million

Percentage of ThornTree Capital’s 13F Portfolio: 6.24%

Number of Hedge Fund Holders: 266

Meta Platforms, Inc. (NASDAQ:FB) is perhaps the world’s most famous social media firm, which is headquartered in the American state of California. Initially starting out as a simple platform that lets its users connect with each other and share their life updates, Meta Platforms, Inc. (NASDAQ:FB) now owns several services and operates its own marketplace in addition to its other venues.

During its third quarter, Meta Platforms, Inc. (NASDAQ:FB) brought in $29 billion in revenue and $3.22 in GAAP EPS, beating analyst estimates for the EPS. Rosenblatt upgraded the company’s shares to Buy and kept the price target unchanged at $400, sharing cautious optimism about capital expenditure in an October 2021 analyst note.

Mr. Moore’s ThornTree Capital held 133,045 Meta Platforms, Inc. (NASDAQ:FB) shares that were worth $46 million and represented 6.24% of his total portfolio value by the end of the second quarter. During the same time period, 266 of the 873 hedge funds polled by Insider Monkey held stakes in the company.

Meta Platforms, Inc. (NASDAQ:FB)’s largest shareholder is Alexander Becker’s Codex Capital who owns 27,950 shares worth $9.6 billion.

In its third quarter investor letter, Wedgewood Partners had the following to say about Meta Platforms, Inc. (NASDAQ:FB):

“Facebook detracted from performance despite posting a staggering +56% growth in advertising revenues. Much of the stock’s underperformance was driven by nonoperating concerns that we view as mostly political in nature. The Company’s digital properties command a massive audience of over 2.7 billion daily users, so any government or state actor would be able to wield tremendous power by controlling that audience and it should not be a surprise when those actors attempt to do that. However, Facebook has invested  aggressively in its content curation capabilities that address many of the concerns raised by media and political critics. We continue to carry Facebook at our maximum weighting as the stock is trading in line with a market multiple despite unrivaled competitive positioning and rapid growth, representing one of the best risk-rewards available in the market.”