Meta Platforms Stock Hits Record Highs After Earnings

The Facebook parent also announced it will issue its first ever cash dividend

Deputy Editor
Feb 2, 2024 at 11:01 AM
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Facebook-parent Meta Platforms Inc (NASDAQ:META) announced profits that tripled in the fourth quarter, with earnings per share of $5.33 on revenue of $40.11 billion. Further, the Magnificent Seven member said it would issue its first-ever cash dividend payout, marking a rare occurrence for a high-flying tech firm. Right out of the gate, META is 20.5% higher at $475.57, flying well above its Jan. 30 record high of $406.36.

Unsurprisingly, options traders have something to say as well. Today's options pits show ample activity from both sides of the aisle, though bulls are edging out bears. Within the first half hour of trading, more than 286,000 calls and 158,000 puts have been exchanged, which is nine times the intraday average. All but one of the top 20 contracts are seeing new positions opening, including the most popular weekly 2/2 470-strike call that expires at the end of today's session.

While calls have outpaced puts on an overall basis, the latter have been more popular than usual in the short term. This is per Meta Platforms stock's Schaeffer's put/call open interest ratio (SOIR) that ranks higher than 87% of readings from the past 12 months.

No fewer than 18 analysts raised their target price on the stock as well. There's room for even more price-target hikes, too, considering the 12-month average target price of $467.24 is a 1.6% discount from current levels.

On the charts, META is pacing for its second-best single-session percentage gain over the last two years, as well as its best weekly win since March 2022. Now up 34% in 2024, Meta Platforms stock is also 151.7% higher over the last 12 months. 

 

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