 "Meta Retail Investors Turn Markedly Upbeat As Stock Reclaims $600 Level")
synopsis
Meta stock was the last Magnificent Seven company to dip into the red for the year during the current market downturn, but it has since turned positive.
Meta Platforms, Inc. (META) stock climbed back above the $600 level after last week’s market volatility dragged it below the mark last week.
On Monday, stocks rallied across the board, extending the upward momentum seen late last week.
President Donald Trump toned down his tariff talks, with reports suggesting the reciprocal tariffs set to take effect on April 2 will likely be more targeted and narrower than what was communicated earlier.
Meta rallied by 3.79% before ending Monday’s session at $618.85. The stock closed at the highest level since March 7.
Meta stock was the last Magnificent Seven company to dip into the red for the year during the current market downturn, but it has since turned positive.
The near-term trajectory depends mainly on the developments on the macro and geopolitical fronts.
After Monday’s strong gains, the index futures point to a modestly negative open on Tuesday.
Trump issued an executive order on Monday imposing a 25% tariff on all goods imported from countries that import Venezuelan oil. The White House said Trump perceives Venezuela's actions and policies as an unusual and extraordinary threat to national security and foreign policy.
Two Fed speeches and a consumer confidence reading due after the market open may dictate the day’s trading direction. Meta investors may also have to contend with the negative headline about a potential European Union (EU) fine.
Citing a source, the New York Post report said the EU is set to announce $1 billion or more in fines for allegedly violating antitrust rules.
On Stocktwits, retail sentiment toward the Meta stock stayed ‘extremely bullish’ (79/100) and the message volume remained ‘high.’
A bullish investor recommended buying any dips as they predict a run-up toward the $800 level.
Another user pointed out that Meta has been the strongest “Magnificent Seven” stocks, holding above its 200-day exponential moving average (EMA).
The Koyfin-compiled average analysts’ estimate is $765.07, implying an upside potential of 24%.
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