Dan Niles trims Meta Platforms (META) bet after 70% YTD gain

March 17, 2023 9:13 AM EDT
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Price: $206.01 +0.85%

Rating Summary:
    12 Buy, 4 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 12
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Satori Fund's Dan Niles said he trimmed his Meta Platforms (NASDAQ: META) long bet due to poor risk/reward after the strong year-to-date performance on its aggressive cost-cutting measures and the U.S. government's measures to ban TikTok.

Niles said he bought commodities and sports betting names instead, although he didn't specify which ones.

Niles said he plans to buy back Meta shares on a pullback.

The hedge fund manager bought shares of Meta following the company's third-quarter 2022 results when it was a much-hated name.

Shares of META are up 70% year-to-date.

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