Meta Platforms, Inc. experienced a decline in its stock value on Wednesday, with shares falling 3.3% to close at $668.99, a significant drop from its previous closing price of $691.70. The company’s trading volume reached approximately 16.5 million shares, which is a 7% decrease compared to its average daily volume of 17.8 million shares.
Several Wall Street analysts have weighed in on Meta’s recent performance. Erste Group Bank downgraded the stock from a “buy” to a “hold” rating, while KeyCorp lowered its price target from $875.00 to $835.00 but maintained an “overweight” rating. Barclays also affirmed an “overweight” rating and has increased their target price to $800.00, while Robert W. Baird raised theirs from $815.00 to $830.00, with an “outperform” rating. Truist Financial has a “buy” rating with a target price set at $900.00. Overall, the consensus rating for Meta Platforms is a “Moderate Buy,” with a projected price target of $848.50 according to MarketBeat.com.
In its latest earnings report, Meta Platforms exceeded analyst expectations, reporting earnings of $8.88 per share compared to the anticipated $8.16, with a revenue of $59.89 billion for the quarter—up 23.8% on a year-over-year basis. The company also announced a quarterly dividend of $0.525 per share paid on December 23rd, reflecting a yield of 0.3%.
Recent insider activity included significant stock sales by CTO Andrew Bosworth and COO Javier Olivan, who sold shares, resulting in decreased ownership stakes. Despite this, institutional investors remain heavily engaged with Meta Platforms, holding nearly 80% of the company’s stock.
Founded in 2004 and headquartered in Menlo Park, California, Meta Platforms has expanded beyond its core social media roots into immersive computing technologies. The company continues to connect users through its widely used platforms, including Facebook, Instagram, WhatsApp, and Messenger.
Despite the short-term fluctuations in stock prices, Meta Platforms’ robust revenue growth and commitment to innovation position it favorably within the technology sector, indicating potential for future recovery and development.