PRIMECAP Management Co Reduces Stake in Meta Platforms

PRIMECAP Management Co, managed by Theofanis Kolokotrones, recently executed a significant transaction involving Meta Platforms, Inc. ((META)). The hedge fund reduced its position by 12,700 shares.

Recent Updates on Meta Platforms, Inc. stock

Meta Platforms, Inc. is undergoing significant organizational changes, including a 5% reduction in its global workforce while accelerating the hiring of machine learning engineers. The company is merging its Messenger and Facebook teams and considering relocating its incorporation to Texas for favorable business conditions. Financially, Meta is heavily investing in virtual and augmented reality, with projected investments reaching $100 billion by the end of the year. The company has sold over 1 million Ray-Ban smart glasses in 2024, marking 2025 as pivotal for further development. These strategic shifts led Argus to raise Meta’s stock price target from $686 to $775. The stock has shown over 20% year-to-date price performance, with an average trading volume of approximately 13.7 million shares and a market cap nearing $1.846 trillion.

More about Meta Platforms, Inc.

YTD Price Performance: 22.93%

Average Trading Volume: 13,722,994

Current Market Cap: $1866.6B