Meta Platforms Inc (META)

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Meta Platforms (META) Stock Eyes Best Day in Nearly 10 Years
By: Schaeffer's Investment Research | February 2, 2023

• Meta stock is propping up the Nasdaq today

• META is on track to clear a key trendline today

Meta Platforms Inc (NASDAQ:META) is helping the Nasdaq to a healthy triple-digit lead this morning, after the tech giant's fourth-quarter report. Though the Facebook parent's profits of $1.76 per share came in below Wall Street's estimates of $2.22 per share, revenue of $32.17 billion beat estimates of $31.53 billion. The company also announced a $40 billion stock buyback.

The brokerage bunch is blasting META with bull notes. No fewer than 20 analysts lifted their price targets after the event, while Piper Sandler upgraded the shares to "overweight" from "neutral," with a price-target hike to $215 from $136.

At last glance, META was up 19.2% at $182.59 -- on track for its best day since July 2013. This bull gap has the equity breaking above its 200-day moving average for the first time since January 2022. Year-to-date, the equity is now already up 51.9%.

In the options pits, 310,000 calls and 201,000 puts have been exchanged already, volume that is five times what's typically seen at this point. The weekly 2/3 180-strike put and 190-strike call are the most popular, with new positions being opened at both.

Now could be a good time to weigh in with options, as the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 93 out of 100. This means META has exceeded option traders' volatility expectations during the past year.

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