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Meta Platforms Inc’s (NASDAQ:META) stock recorded its 52-week high on Wednesday, Nov. 22. The stock is up about 174% so far this year, and was trading at over $342 at around 10:30 a.m. Its 52-week range is $108.3 -$341.87.
The stock was on an uptrend since early November 2022. Over the past year, META stock was up a whopping 210.90%.
Many might say the stock has become very expensive trading a Fwd P/E of 23.5, but Wall Street analysts are still very bullish on the stock.
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Tigress Financial on Wednesday, raised its rating for Meta Platforms stock from Buy to Strong Buy. The company also raised its price target on the stock to $435 from $380.
Stifel also rated the stock a Buy with a price target of $405 on Nov. 14.
Consensus ratings for META stock rated the stock a Buy.
Meta was in the news lately for realigning its strategy and moving from Responsive AI to Generative AI products and AI infrastructure. The Mark Zuckerberg-led company is integrating AI into its Threads app. Zuckerberg considered this to be “game-changing” for the firm.
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Another factor behind the stock’s continued stride over the past month has been the company’s third-quarter earnings results.
Meta Platforms reported third-quarter revenue of $34.15 billion, which was up 23% year-over-year. The revenue total beat a Street estimate of $33.56 billion, according to data from Benzinga Pro.
The company reported earnings per share of $4.39 for the third quarter, up 168%.
Produced in association with Benzinga