53 ETFs Add to Meta Platforms (META) on Thursday

This article first appeared on GuruFocus.

Fifty-three ETFs were buying Meta Platforms (META) shares versus 13 selling on Thursday, Oct. 22, for net buying of $74.7 million by dollar value. The move snapped two straight days of net selling, including $500.4 million on Oct. 21 and $129.2 million on Oct. 20. ETF activity turned positive after net buying of $44.1 million on Oct. 19 and $9.5 million on Oct. 16. The buying streak now stands at one day.

For the full record of ETF and guru buying and selling in META, see the META guru trades page.

Which ETFs bought META on Thursday?

The largest buyers by dollar value were SPY ($34.7 million), DFUS ($12.7 million) and IWF ($7.7 million). In all, 53 ETFs added shares and 13 cut them.

SPY led the move with a $34.7 million increase in value, adding 53,550 shares for a 0.2% stake change at a 2.17% weight. DFUS added $12.7 million (19,599 shares, 2.94% stake change) and IWF added $7.7 million (11,916 shares). IXP raised its position by 8,560 shares, a 6.41% stake change worth $5.6 million at a 19.77% weight, while CGGR added $4.5 million and IUSG $3.6 million. Meta operates in the Communication Services sector and Internet Content & Information industry with a market cap of $1.64 trillion.

Have ETFs been buying or selling META lately?

Over the last 5 reported days, ETFs were net buyers on 3 and net sellers on 2, so the recent trend is mostly buying.

What does META do?

Meta Platforms builds technology that connects people through its Family of Apps: Facebook, Instagram, WhatsApp, Messenger, and Threads, used by billions worldwide. Substantially all revenue comes from selling advertising placements across these apps, which let marketers reach people based on a range of objectives.

Meta Platforms reported trailing-12-month revenue of $241.61 billion, up 28.3% year over year, with gross margin of 81.0% and net margin of 31.1%. The stock trades at a P/E of 21.91, P/B of 6.03 and P/S of 6.83. Its GF Score is 99, and GF Value of $874.20 compares with a price of $642.62. The dividend yield is 0.33%, and the shares are down 2.4% year to date.