Big hedge funds buy Meta in Q1
Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the prominent hedge funds that acquired shares of Facebook parent Meta Platforms Inc during the first quarter of the year, according to a report by Reuters.
Meta Platforms stock soared by about 70% during the first three months of the year after the company announced better than expected earnings and steeper cost-cutting measures along with a $40 billion share buy-back programme. The company, which is now up nearly 100% for the year to date, suffered the biggest decline of the maga-cap FANG stocks during 2022.
The report cites regulatory filings as revealing that Arrowstreet Capital added about 5 million shares during the quarter, bringing its total position to slightly more than 7 million shares, while Coatue more than doubled its position in the company by buying 4.2 million shares. Winslow Capital Management, meanwhile, established a new position in the firm by buying about 927,000 shares, and D1 Capital Partners bought slightly more than 1 million shares.