Long Position on META @ $305.00 on 10/5/2023 (Momentum)

Meta Platforms, Inc. (META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. Stockwinners

It operates in two segments, Family of Apps and Reality Labs.

The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

The Reality Labs segment provides augmented and virtual reality related products comprising consumer hardware, software, and content that help people feel connected, anytime, and anywhere.

Shares have formed a bullish "wedge" and are on the verge of a breakout. The formation is supported by the stock's 50-day moving average. 

On July 26th, META reported earnings of $3.23 per share on revenue of $32.00 billion for the second quarter ended June 2023. The consensus earnings estimate was $2.87 per share on revenue of $31.06 billion. The company beat expectations by 6.95% while revenue grew 11.02% on a year-over-year basis.

The company said it expects third quarter revenue of $32.0 billion to $34.50 billion. The previous consensus revenue estimate was $31.16 billion for the quarter ending September 30, 2023. The company reports October 25th.

 

Entry point; $305.00

Stop Loss: $295.00

Trading Range: $88.09 - $326.20

Target Price: $340.00

Position closed on 10/27/2023 at price of $295.00 with a -3.28% loss in 21 days.

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