Benzinga - by Surbhi Jain, .
Meta Platforms Inc‘s (NASDAQ:META) stock crossed the $500 mark – recording a new all-time-high during Friday’s trading session. The stock is already up over 40% YTD, and has had a good run-up of 185% over the past year, making it the second-highest price returns generator among the Magnificent Seven stocks.
The lead is maintained by Nvidia Corp (NASDAQ:NVDA) which has returned over 248% so far in the year.
Recent news and events that have spurred the rally in Meta stock include:
- Microsoft Unveils DirectSR API, A Boost for AI-Upscaling with Nvidia, AMD, and Intel
- Meta’s Ambitious Plan – Zuckerberg Discusses AI and Extended Reality with LG in Seoul
- Mark Zuckerberg’s Meta Is Preparing To Show Off First ‘True’ AR Glasses At Connect Event: Report
On the technical side, Meta stock exhibits a strongly bullish trend.
- Its share price surpasses its 5, 20, and 50-day exponential moving averages, indicating robust buying pressure.
- The stock’s current price is above the 8-day simple moving average (SMA) and exponential moving average (EMA), as well as the 20-day SMA and EMA, all suggesting a bullish signal.
- The 50-day SMA and EMA, along with the 200-day SMA, also support a bullish outlook.
- The Moving Average Convergence Divergence (MACD) indicator at 28.51 is also a bullish indicator.
- The Relative Strength Index (RSI) at 69.82, however, suggests the stock is overbought.
- Bollinger Bands for both short-term (25) and long-term (100) periods advocate a bullish outlook as well.
Now Read: Apple Sinks After Wall Street Titan Pulls Magnificent 7 Stock From Conviction List
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Latest Ratings for META
| Jul 2020 | Desjardins | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
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