Arrowstreet, Coatue Management among big hedge funds buying Meta in first quarter

Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent’s stock.

Meta Platforms, which suffered the worst decline among the mega-cap FANG stocks in 2022, jumped about 70% during the first quarter after stunning Wall Street with better than expected earnings and steeper cost-cutting, while at the same time announcing a $40 billion share buyback. Shares of the company are now up nearly 100% for the year to date.