#5 - Meta Platforms (NASDAQ:META)
Meta Platforms Inc. (NASDAQ: META) has all the ingredients in place to be an AI juggernaut. That means the company has a significant amount of first-party data that it can use to program its own large language model (LLM), Llama. It also has managed to acquire a significant amount of NVIDIA’s H100 GPUs to handle the processing speed. And it’s in the process of designing its own chip.
The 12-month META stock chart (ending August 20, 2024) shows a bullish pattern. Perhaps nothing better reflected the bullish sentiment than the price action around earnings. META stock spiked approximately 11% higher after earnings but gave up all those gains and more in subsequent days over concerns of increased spending. However, the stock has since recovered those losses and has pushed higher.
That said, the stock is finding resistance at its 52-week and all-time highs. However, analysts believe that Meta will break through this level, and some believe it will do so significantly. In fact, Meta has been mentioned among stocks that are primed for a stock split.
About Meta Platforms
Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
Read More - Current Price
- $561.09
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 37 Buy Ratings, 4 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $634.10 (13.0% Upside)
