Will Meta Platforms (META) Bounce Back?

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Institutional Class returned -10.08% compared to a -4.46% return for the Russell 3000 Index. The Fund’s Institutional Class returned -26.46% year to date compared to -24.62% for the Russell 3000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Weitz Investment discussed stocks like Meta Platforms, Inc. (NASDAQ:META) in the Q3 2022 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On October 28, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $99.20 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -28.43% and its shares lost 69.94% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $263.034 billion.

Here is what Weitz Investment specifically said about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:

“Facebook parent Meta Platforms, Inc. (NASDAQ:META) was the portfolio’s top year-to-date detractor. Fears of a recession and a resultant pullback in ad spending have added insult to injury as Meta attempts to gain traction with its short-form video product called Reels. Meta’s progress in monetizing Reels and the heavyweight bout with video-sharing app TikTok for consumers’ attention are clearly the main event, but we are also encouraged that, behind the scenes, management is taking a more disciplined approach to investing and expense management. Investors looking for greater detail on Meta are encouraged to read equity analyst Jon Baker’s Analyst Corner feature from earlier this year.”

Photo by Timothy Hales Bennett on Unsplash

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the second quarter which was 200 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the best stocks in Vanguard’s top ETF to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.