Meta Platforms (NASDAQ:META) stock is a hot topic among traders on Friday after the social media company hit a new all-time high this morning.
META stock is trading for roughly $527.88 per share as of this writing. This sets a new all-time high for the stock. Investors will note that Meta Platforms’ shares have been on a recent uptick before this new record.
Looking back at the stock’s history, Meta hit a rough period in 2022. That came alongside decreased use after lockdowns, rising inflation and increased interest rates. All of this was weighing on the shares.
However, the company spent much of 2023 regaining lost ground. While it did see a slight slump late last year, it didn’t take long for the Facebook parent company to come out of it.
Friday Meta Stock Catalyst
The latest news helping out shares of META stock comes from analysts. Jefferies increased its price target from $550 per share to $585 while RBC Capital increased its from $565 per share to $600.
Jefferies analysts were incredibly positive on Meta Platforms in a note to clients. They said that the company has “too many advantages to count” and that is has “several strategic advantages over its peers.”
META stock is up 3.5% as of Friday afternoon with some 9.9 million shares traded. Its daily average trading volume is about 17.9 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
