Meta Platforms Inc. (NASDAQ:META) shares are moving lower Friday after closing down by more than 4% Thursday. Here's a look at what's going on.
What To Know:
The Nasdaq closed down 364 points Thursday, just one day after marking an all-time closing high, as tech stocks fell despite cooler-than-expected June CPI data. Meta ended Thursday's session 4.11% lower and continued to pull back in early trading Friday.
Meta's stock is trending across social media and is one of the top ten trending tickers on WallStreetBets Friday. The stock is up more than 40% year-to-date as its revenue and earnings soar.
The Acquired podcast, hosted by Ben Gilbert and David Rosenthal, announced Thursday that Meta CEO Mark Zuckerberg will join the podcast's live arena show broadcast at the Chase Center in San Francisco on Sept. 10.
TD Cowen analyst John Blackledge maintained Meta with a Buy and raised the price target from $530 to $600 on Wednesday.
According to data from Benzinga Pro, Meta shares are moving lower on above-average trading volume Friday, but remain above the stock's 50-day moving average of $488.09.
Is META A Good Stock To Buy?
An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Meta Platforms's page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.
These are known as capital allocation programs. Meta Platforms (NASDAQ:META) does pay a dividend, which yields 0.47% per year as of the closing price on July 11. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.
For example, if you're looking to earn an annualized return of 17.39%, you'll need to buy a share of Orchid Island Cap by July 31, 2024. Once done, you can expect to receive a nominal payout of $0.12 on Aug. 29, 2024.
Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Meta Platforms will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.
META Price Action: According to Benzinga Pro, Meta Platforms shares are down 2.6% at $499.25 at the time of publication Friday.
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