No fewer than nine analysts lifted their price targets
Facebook parent Meta Platforms Inc (NASDAQ:META) received a host of bull notes this morning, with no fewer than nine analysts lifting their price targets, including Citigroup to $260 from $228. The stock staged a 7.3% pop yesterday after the company announced it was cutting 10,000 jobs and 5,000 open roles in its second round of job cuts. Today, however, the equity is succumbing to the broad-market slide, inching 0.6% lower to trade at $192.77 at last glance.
Yesterday’s bounce had META breaking above its 320-day moving average for the first time in over a year, the same trendline that capped gains following the stock’s post-earnings bull gap from February. Since the start of 2023, Meta Platforms stock is up 60.1%. It’s worth noting, however, that the security’s 14-day relative strength index (RSI) of 82.2 sits in “overbought” territory, which typically denotes a short-term dip on the way.
Those wanting to speculate on MOS stock’s next move, options might be a good idea. The security’s Schaeffer’s Volatility Index (SVI) of 41% sits in the relatively low 15th percentile of its annual range, indicating that options players are pricing in volatility expectations lower than 27% of all other readings from the past year. Plus, META’s Schaeffer’s Volatility Scorecard (SVS) sits at 83, suggesting the stock has tended to exceed options traders’ volatility expectations during the past year.
Image and article originally from www.schaeffersresearch.com. Read the original article here.