Zinger Key Points
- Meta Platforms Inc shares have skyrocketed by 17.47% over the last 17 days.
- Despite the constant surge in the stock, Meta's over-optimistic momentum indicators hint at a likely pullback.
- Get two weeks of free access to pro-level trading tools, including news alerts, scanners, and real-time market insights.
Shares of Meta Platforms Inc. META have skyrocketed by 17.47% over the last 17 days, reregistering one of the longest winning streaks for the company led by Mark Zuckerberg, according to Benzinga Pro.
What Happened: The stock trades at $719.80 apiece as of Tuesday’s close, which is about 0.7% shy of its 52-week high of $725.01 per share.
Despite the constant surge in the stock, Meta’s over-optimistic momentum indicators hint at a likely pullback.
The company’s simple daily moving averages hinted at a bullish uptrend, owing to strength in the stock, according to Benzinga Pro. The share price was much above its 200-day simple moving average of $548.26, and 50-day average of $630.51. It is also higher than its eight-day average of $707.43 and the 20-day average of $665.82.
The momentum indicators were also very strong. The relative strength index of 80.70, coupled with a positive MACD (moving average convergence/divergence) indicator of 28.44 showed that the stock was overbought. These strong upward trends suggest that the stock could be nearing exhaustion, signaling a potential short-term pullback or consolidation phase.
Why It Matters: Despite the recent stock surge, Meta faces headwinds in the AI race, according to Piper Sandler. Their research note dated Feb. 4, positioned DeepSeek’s AI model ahead of Meta's latest Llama model.
However, Wedbush analyst Dan Ives remains bullish, he recently highlighted Meta’s AI monetization strategy on CNBC.
“It’s about monetizing those three and a half billion DAUs,” he said, adding that AI innovations “could be an incremental $100 per share” for Meta as the company ramps up its efforts.
Price Action: Meta rose by 0.33% on Tuesday and advanced further by 0.01% in after-hours, whereas the exchange-traded fun tracking Nasdaq 100 index, Invesco QQQ Trust, Series 1 QQQ fell 0.24%.
Meta shares have gained 20.12% on a year-to-date basis, whereas it was up by 53.51% over the last year.
The average price target among 43 analysts tracked by Benzinga is $731.76 with a ‘buy' rating. The estimates range from $575 to $935 apiece. Recent ratings from Tigress Financial, UBS, and Citigroup suggest a $833.67 target, implying a potential upside of 15.81%.
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