Market Analysis: META Stock Up 7% After Report


The social media giant's second-quarter results encouraged investors as ad revenue surged, the company is embracing AI, monetization of Instagram and Reels.

  • Facebook now has 2.06 billion daily active users, up 5% from a year ago. And taking into account Instagram and other applications — 3.07 billion, which is 7% more.
  • At the same time, the number of employees decreased by 14% compared to last year to 71,000 people. Zuckerberg said the austerity program will run until 2024.

Amid the data, META's stock price jumped 7% in premarket trading. The META stock chart shows that:

  • today the price should update the high of the year;
  • with this sharp momentum, the bulls get the opportunity to gain a foothold above the psychological level of $300, pushing off from the support around $290.

Possible resistance level:

  • the $350 psychological mark, where the 2022 high is approximately located.

Possible support levels:

  • median and lower limit of the active ascending channel;
  • the $305 level that had an impact on the price in July.

According to the WSJ, analysts see an average target price for META's stock at around USD 330, but given the company's performance as evidenced by the report, the target price could be revised upwards by analysts.

Buy or sell shares with CFDs in some of the world's biggest publicly listed companies on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Shares

Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility META Analysis: Price Target Raised to $390 AMZN Stock Analysis: 4 Reasons to Doubt the Bullish Outlook NVDA Stock Analysis: Reversal Pattern Forming on the Chart NVDA Stock Analysis: Will AI Put an End To Decreasing Share Price?

Latest articles

Forex Analysis

Market Analysis: Yen and Commodity Currencies Hit Annual Lows

Yesterday, one could observe a continuation of the upward momentum in the dollar. Good data on the number of open vacancies in the US labour market from JOLTS allowed the USD/JPY pair to update its annual maximum at 150.

Forex Analysis

Fed Policymakers Ponder Prolonged High Rates Amidst Inflation Dilemma

The US Federal Reserve's persistent strategy of increasing interest rates to combat inflation and subsequently maintaining them at elevated levels has sparked a contentious debate in Western financial markets. While US Federal Reserve officials emphasise the necessity of a restrictive

Trader’s Tools

Thriving in Volatile Market Conditions

Navigating financial markets often involves confronting periods of high volatility. For traders, the question invariably arises: what is the best way to deal with volatility? This article aims to provide a comprehensive overview of understanding market volatility, managing risks, choosing

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.