What's Going On With Meta Stock?

Meta Platforms, Inc. META shares are trading above the $500 mark at all-time highs Friday.

What To Know:

Meta CEO Mark Zuckerberg has recently focused on progress in the fields of artificial intelligence and augmented and virtual reality and met with Meta's developers in Tokyo earlier this week to discuss the company's Quest headsets and large language model, Llama. 

Zuckerberg also held meetings with Samsung Electronics Co. chairman Jay Y. Lee and LG Electronics Inc. CEO Cho Joo-wan on AI cooperation and the development of an extended reality headset. 

Meta is reportedly set to unveil its first augmented reality or AR glasses, codenamed Orion, at Meta's annual Connect event this fall. 

On Thursday, a U.S. court ruled in favor of Meta and ordered the Israeli firm, NSO Group, to share its Pegasus spyware code, allegedly used to spy on users of Meta's messaging app, WhatsApp. 

Meta's stock is up more than 40% year-to-date and is trading above its 50-day moving average of $408.66, according to data from Benzinga Pro.

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Will META Stock Go Up?

When trying to assess whether or not Meta Platforms META will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $496.44 on Meta Platforms. The Street high target is currently at $575.0 and the Street low target is $397.0. Of all the analysts covering Meta Platforms, 26 have positive ratings, one has neutral ratings and no one has negative ratings.

In the last month, 17 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Meta Platforms have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Meta Platforms is 170.96% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Meta Platforms, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

META Price Action: According to Benzinga Pro, Meta Platforms shares are up 2.65% at $503.14 at the time of publication.

Image: Daniel Constante from Shutterstock