Benzinga -
- The company's stock price plummeted to $88 in November 2022, but has since rebounded and is currently up 150%, with 75% of that growth occurring in Q1 2023.
- There are significant obstacles to reaching the all-time high stock price of $384, including the $300 and $343 resistance levels.
The savvy moves made by Meta are spearheading its success, and its shareholders couldn't be more thrilled with the results.
This year saw some serious belt-tightening in the company, unfortunately, resulting in layoffs that have already impacted more than 20,000 employees. It's been a tough time for many, but everyone is hoping for brighter days ahead.
Meta's price plummeted to a dismal $88 in November 2022, a point not seen since the far-off days of 2015. Realizing the urgent need for action, changes have been implemented to keep the company afloat and safeguard its future success.
Like many other tech stocks, Meta's stock soared after the pandemic hit. Their impressive rise reached 175% until September 2021 when they hit an all-time high of $384.
However, their stock price took a sharp dip of 76% and bottomed out at $88 in November. Despite the turmoil, Meta managed to turn things around by laying off 11,000 employees.
Interestingly, this unfortunate circumstance seemed to positively impact the company's value as its stock price started to rally.
Since the $88 low, price is currently up 150%. 75% of that move occurred in the first quarter of 2023. The second quarter has already seen gains of 6%.
After the successful impact of last year's layoffs on the company's stock price, it looks like they're doubling down on their cost-cutting measures.
With such a significant boost in their value already, one can't help but wonder what's in store for the future of this stock. Is there room for further growth? How high can it climb? The anticipation is palpable.
The obstacles standing between the current price and the all-time high are no easy feat. First up, the incredibly formidable $300 mark, with its psychological implications looming large. But that's just the beginning.
Next comes the towering $343 peak for 2022, and finally, the pinnacle of all peaks, the all-time high at an astonishing $384.
It's a long and arduous journey to the top, but savvy investors might just be able to rake in sizable profits while the ascent is underway.
After the closing bell on Friday, February 24, the stock closed at $221.49 trading up by 0.52%.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.