META is heading for its worst month since late 2022
Meta Platforms Inc. (NASDAQ:META) stock is down 0.9% today, last seen at $571.76. The shares have pared steeper gains from this morning, after Jefferies trimmed its price target to $725 from $810. With a few hours to go, META is on track for its worst monthly performance since October 2022.
Nevertheless, the stock has remained popular among options traders, once more landing on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks with the highest options volume in the past 10 days, with over 3 million calls and 2 million puts were exchanged. Most of this activity occurred at the March 600 call, which expired two weeks ago.
Despite the bear note today, analysts remain overwhelmingly bullish, mirroring options traders who seem to be buying the dip. Of the 53 brokerages covering META, 47 maintain a "buy" or better rating, while the consensus 12 month price target of $748.99 is a 31.5% premium to its current perch.
On the charts, keep an eye on the equity's 260-day moving average, a trendline that's getting tested today, so far holding up. Longer term, the social media giant is 17.2% higher year-over-year.
