Meta stock traded higher Tuesday, building on recent gains to hit a fresh 52-week high. Shares of Meta also pushed well above the stock's 21-day moving average with Tuesday's action.
On the stock market today, Meta stock rose 1.7% to close at 350.36. Shares hit a value of 353.60 earlier in the day, marking a new 52-week high.
Further, Meta is extended beyond a 326.20 entry point from a consolidation pattern, according to MarketSmith. Shares first broke out in October but temporarily eased back following Meta's earnings later that month.
Meta Stock: Up 190% This Year
Meanwhile, Meta stock has advanced more than 190% this year. That's after a 64% plunge in 2022. Further, Meta is part of the so-called Magnificent Seven group of stocks that has powered the market rally this year.
Meta's digital advertising sales have bounced back and investors have been swayed by Chief Executive Mark Zuckerberg's pledge to operate more efficiently. But there are still questions about the company's big spending on the concept of a virtual-reality metaverse.
Shares hit a recent low on Oct. 26, after the company counseled caution on its earnings call about ad revenue in the fourth quarter.
Meta stock fell despite the company's 168% year-over-year earnings increase and 23% sales gain in the third quarter.
But shares have bounced back since then to advance about 22%.
Meta is on the IBD Leaderboard and Tech Leaders lists.
The IBD Stock Checkup tool shows Meta stock has a Relative Strength Rating of 97 out of 99, indicating the stock has outperformed nearly all of the market over the past 12 months.
