blue-chip

Book Profit on this NASDAQ - Listed Technology Stock: Meta Platforms Inc

Feb 02, 2023 | Team Kalkine

Read Time :5 min

Book Profit on this NASDAQ - Listed Technology Stock: Meta Platforms Inc

Company Overview: Meta Platforms Inc., formerly Facebook, Inc., builds technologies that help people find communities and grow businesses. The Company's products enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, wearables, and in-home devices.

As per our previous report published on META on 27^th October 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 97.42 based on “impressive net margin, share repurchase programme announced, upside indicated by valuation and key risks associated’, and the stock price has now moved by ~100.11% since then.

Noted below are the details of support and resistance levels provided in our previous report:

META’s Daily Chart

META Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group

Considering the target level attainment, leading momentum indicator 14-day RSI charted into overbought zone which implies a pullback from the current trading levels, rising cost of capital, uncertainty around the global markets on the back of heightened inflationary environment, a ‘Sell’ rating is assigned to “META” stock at the current market price of USD 194.95 (as of February 02, 2023, at 10:40 AM PST).

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is February 02, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

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