Meta Stock Shatters Records, Surges Beyond $500 With Bullish Signals For More Upside

Meta Platforms Inc‘s META stock crossed the $500 mark – recording a new all-time-high during Friday’s trading session. The stock is already up over 40% YTD, and has had a good run-up of 185% over the past year, making it the second-highest price returns generator among the Magnificent Seven stocks.

The lead is maintained by Nvidia Corp NVDA which has returned over 248% so far in the year.

Recent news and events that have spurred the rally in Meta stock include:

• Microsoft Unveils DirectSR API, A Boost for AI-Upscaling with Nvidia, AMD, and Intel
• Meta’s Ambitious Plan – Zuckerberg Discusses AI and Extended Reality with LG in Seoul
• Mark Zuckerberg’s Meta Is Preparing To Show Off First ‘True’ AR Glasses At Connect Event: Report

With the rally going unperturbed so far, investors may wonder whether there’s any fuel left, and whether it is time to take profits off the table. Benzinga looked at some technical indicators and analyst ratings for these answers.

On the technical side, Meta stock exhibits a strongly bullish trend.

• Its share price surpasses its 5, 20, and 50-day exponential moving averages, indicating robust buying pressure.
• The stock’s current price is above the 8-day simple moving average (SMA) and exponential moving average (EMA), as well as the 20-day SMA and EMA, all suggesting a bullish signal.
• The 50-day SMA and EMA, along with the 200-day SMA, also support a bullish outlook.
• The Moving Average Convergence Divergence (MACD) indicator at 28.51 is also a bullish indicator.
• The Relative Strength Index (RSI) at 69.82, however, suggests the stock is overbought.
• Bollinger Bands for both short-term (25) and long-term (100) periods advocate a bullish outlook as well.

The Consensus analyst rating on Meta’s stock stands at a Buy, with a price target of $427.87. Analysts who reviewed the stock in February have assigned a price target between $500 to $575 to the stock.

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