Meta Platforms Inc META stock closed above $400 for the first time in history on Jan. 30.
The milestone marked a new all-time and 52-week high during the trading day Tuesday as it closed above $400, and breached $406.
Strong Technical Performance Supported by Positive Momentum
The high-end of the 52-week range for the stock now stands at $406.36. The on-balance volume or OBV is still treading upward for Meta stock indicating positive volume pressure. OBV rises when volume on up days outpaces volume on down days. So, the stock is going strong and is backed by robust bullish momentum.
Also Read: Meta Gets 22% Price Target Boost Ahead Of Q4 Results As Analyst Pins Hopes On Ad Market Recovery, Reels Strength
The AI Boost: Metaverse, Meta AI
The technology sector firm is known for its social media platform, Facebook, which boasts over 3 billion in monthly active users. Along with its popular online social media platform, Meta is now also increasingly being recognized for its foray into augmented reality solutions and services.
Its metaverse is an immersive experience in which real-world people, problems, and patterns come to life in an AI-defined and AI-driven world. Meta CEO Mark Zuckerberg has already proclaimed: “AI will be our biggest investment area in 2024.”
Its Meta AI assistant is also operational now. The application can retrieve real-time data for responding to inquiries. It is accessible across all messaging applications developed by Meta and is compatible with the most recent iteration of the Ray-Ban Meta smart glasses.
Analyst Ratings
As the firm is set to report its Q4 earnings on Feb. 1, analysts expect the firm to report $4.98 in EPS and $39.04 billion in revenue.
Consensus analyst ratings for the stock stand at a Buy with a price target of $364 a share. However, recent reviews indicate a higher price target for the stock:
- On Jan. 24, analyst firm Raymond James gave a Strong Buy recommendation on the stock with a price target of $450.
- RBC Capital, on Jan. 22, gave an Outperform rating on the stock with a price target of $400.
- On Jan. 19, JMP Securities maintained Market Outperform with a price target of $410.
- Piper Sandler, on Jan. 17, issues an Overweight rating with a price target of $415.
Read Next: Meta To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Tuesday