Israel Englander, a billionaire investor, has recently taken PUT positions on five stocks, including Meta Platforms, Inc. (NASDAQ:META). At the end of September 2023, Millennium Management owned PUT options on 6.3 million shares of Meta Platforms, Inc., with a total value of $1.8 billion. This move by Englander indicates a bearish outlook on Meta Platforms' stock.
In the second quarter of 2023, 225 hedge funds held stakes in Meta Platforms, Inc., collectively worth $30 billion. Investment advisory Citi has maintained a Buy rating on Meta Platforms, Inc. stock, with a price target of $425. This positive outlook from Citi contrasts with Englander's PUT positions, highlighting differing opinions on the stock's future performance.
Meta Platforms, formerly known as Facebook, is a leading technology company that develops products facilitating social connections and sharing. The company operates in two segments: the Family of Apps, which includes Facebook, Instagram, Messenger, and WhatsApp, and the Reality Labs segment. Meta Platforms' strong social media presence and ability to attract advertisers make it a valuable investment. Additionally, the company's focus on the metaverse and its significant cash and investments provide potential for future growth.
It is important to note that PUT options allow investors to profit from a decline in the price of the underlying stock. Englander's decision to take PUT positions on Meta Platforms, Inc. suggests a belief that the stock's price will decrease in the future.
This information about Israel Englander's PUT positions on stocks was sourced from Insider Monkey. [ac9cd987]