Meta Bulls Await Earnings Surge: Is $620 Next Stop? - Meta Platforms (NASDAQ:META)

Meta Platforms Inc (NASDAQ:META) is set to announce its third-quarter earnings on Wednesday, October 30. Analysts on Wall Street are anticipating earnings per share (EPS) of $5.24, alongside projected revenues of $40.27 billion, with the report scheduled to be released after market hours.

Over the past year, Meta’s stock has experienced remarkable growth, rising by 94.9%, and it has gained 70.35% year-to-date, reflecting strong investor confidence.

Let’s examine the charts to see what they reveal about Meta’s stock performance and its alignment with Wall Street’s earnings expectations.

Meta's Stock Performance and Trends

Currently, Meta’s stock demonstrates a bullish trend that suggests potential further gains for investors, despite facing some short-term challenges.

As per recent analysis, Meta is trading above its five, 50, and 200-day exponential moving averages. With a current share price of $590.03, strong buying interest is clear, indicating an overall upward trend.

The stock is also maintaining a position above the eight-day simple moving average (SMA) at $575.82 and the 20-day SMA at $581.52, which indicates robust momentum in the short term. Additionally, the price is well above the longer-term 50-day SMA of $553.40 and the 200-day SMA of $498.76, showcasing positive momentum, particularly for long-term investors.

The Moving Average Convergence Divergence (MACD) stands at 6.07, supporting the bullish viewpoint. Furthermore, the Relative Strength Index (RSI) is rising at 61.61, which is close to overbought levels. This suggests that while the stock is on an upward trajectory, investors should be vigilant for any potential short-term pullbacks as they may present buying opportunities.

Analyst Ratings and Expectations

The consensus rating among analysts for Meta stock remains a solid Buy, with a price target of $620.05. Recent evaluations from leading analysts, including Bernstein, Jefferies, and TD Cowen, have indicated that there is an upside potential of 14.32% for Meta, with an average price target reaching $675.

At the time of publication, Meta's stock was trading at approximately $590.32.

Related Insights:

As investors anticipate the earnings report, it is clear that the positive sentiment surrounding Meta stock continues to grow and could push prices higher following the upcoming announcement.

Meta, Earnings, Stocks