META - Billionaires Are Selling Meta and Buying This Stock Instead
2024-06-27 05:30:00 ET
Billionaire stock transactions can be valuable data for investors. You shouldn't expect to uncover any enormous secrets that reveal infallible strategies shared universally among the ultra-wealthy. However, you can gain important insights about the factors that are influencing sophisticated investors based on the stocks that are being purchased or sold most heavily by hedge funds and billionaires.
There's been a flurry of recent hedge-fund selling activity for Meta Platforms (NASDAQ: META) . Numerous billionaires and high-profile funds, including Steven Cohen, Andreas Halvorsen, Lee Ainslie, Ken Griffin, Jonathan Soros, and David Tepper, have all unloaded a large volume of shares in recent months.
Meta's recent first-quarter earnings report was strong but mostly in line with analyst expectations. The company achieved 27% revenue growth and more than doubled its quarterly profits over the prior year.
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Billionaires Are Selling Meta and Buying This Stock Instead