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Down About 10% in Less Than a Week, Is Meta Platforms Stock a Buy?
After surging higher last week following the social media company's fourth-quarter earnings report, shares of Meta Platforms (META 3.24%) have now given up all of their post-earnings gains as of this writing. In fact, from the stock's closing price on Jan. 29 (the trading day following the social media company's earnings release), shares have fallen about 10%.
The stock's decline comes amid a pullback in the broader market as shares of many software and AI (artificial intelligence)-focused companies are getting punished. The tech-heavy Nasdaq Composite is down about 3.5% during this period.
With the stock back at levels it was trading at before its better-than-expected fourth-quarter update, should investors take this second chance to buy the stock at pre-earnings levels?
Why Needham Warns That Meta Platforms Stock Could Be Headed for 10%-15% Downside
Meta Platforms (META) stock is once again in the limelight after the company reported good earnings results, taking its shares close to record highs. Although Wall Street has generally reacted well to the accelerating revenue growth of Meta Platforms and its aggressive artificial intelligence (AI) plans, at least one major investment firm is cautioning investors not to get overly bullish on the tech giant’s shares. In a recent interview, Needham senior analyst Laura Martin said Meta Platforms is “priced for perfection” but could potentially decline 10% to 15% if growth targets are not met.
META stock has risen 7% in the past month due to Meta's aggressive AI plans for its advertisements and management's positive outlook on the business. However, the current high optimism surrounding Meta Platforms shares has led investors to price its growth potential at an unforgiving level. With a massive capital expenditure cycle in place, the market is no longer rewarding good enough execution.
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Meta Platforms (NASDAQ:META) Trading Down 3.3% – What's Next?
Meta Platforms, Inc. (NASDAQ:META – Get Free Report) shares were down 3.3% on Wednesday . The company traded as low as $667.46 and last traded at $668.99. Approximately 16,519,606 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 17,793,797 shares. The stock had previously closed at $691.70.
Here are the key news stories impacting Meta Platforms this week:
META has been the topic of several research reports. Erste Group Bank cut shares of Meta Platforms from a "buy" rating to a "hold" rating in a research report on Monday, November 10th. KeyCorp reduced their price objective on Meta Platforms from $875.00 to $835.00 and set an "overweight" rating on the stock in a research report on Monday, January 26th. Barclays restated an "overweight" rating and issued a $800.00 target price (up previously from $770.00) on shares of Meta Platforms in a research report on Thursday, January 29th. Robert W. Baird increased their price target on shares of Meta Platforms from $815.00 to $830.00 and gave the company an "outperform" rating in a research report on Thursday, January 29th. Finally, Truist Financial lifted their price target on shares of Meta Platforms from $875.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, January 29th. Five research analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Meta Platforms presently has a consensus rating of "Moderate Buy" and a consensus price target of $848.50.
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