![]() ![]() Short sellers in Meta were poised to increase their potential 2022 gains to more than $2 billion with Thursday's plunge, according to S3 Partners. The stock's drop was in addition a boon for investors betting on a decline in the company's shares. ![]() He called the trading declines "an overreaction." It was the guidance that spooked people," Jeffress said. "The results, taken in their entirety, were okay. Jeffress pointed to strong or increasing numbers Meta reported for user engagement, advertising and revenue per user. David Jeffress, portfolio manager at Laffer Tengler Investments, said on Thursday the firm is looking to add to its stake in Meta as the stock declines. Some portfolio managers also saw a reason to buy. It was also a popular stock for retail investors, who appeared to be enthusiastically buying the dip. Other institutional investors were also heavy owners. Meta was a widely held stock by various investor groups, including hedge funds, according to recent data, leaving a number of funds potentially exposed by the wipe-out in its shares. Their reports also sent Twitter up 8%, and helped Meta recover 1%. ![]() After the market closed, social media platforms Pinterest and Snap posted strong quarterly reports that sent their shares soaring 17% and 52%, respectively, more than reversing losses from earlier in the day. ![]()
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