Meta Bulls Await Earnings Surge: Is $620 Next Stop? - Meta Platforms (NASDAQ:META)

Meta Platforms Inc (NASDAQ:META) is set to report its third-quarter earnings on Wednesday, October 30. Analysts on Wall Street anticipate earnings per share (EPS) of $5.24 and total revenues of $40.27 billion as the company releases its results after market hours.

Meta's stock has seen remarkable performance, increasing by 94.9% over the past year and rising 70.35% year-to-date. With these figures, investors are keenly watching how the upcoming earnings report may influence future stock performance.

Analyzing the Meta Stock Chart Ahead of Q3 Earnings

A review of the technical indicators shows that Meta's stock maintains a bullish outlook. After considering the recent patterns, the stock appears primed for potential gains, notwithstanding some minor short-term hurdles.

The current trading price of around $590.03 is above several key moving averages, including the five, 50, and 200-day exponential moving averages. This positioning indicates strong buying interest and reinforces an overall bullish trend.

Notably, the stock price is above the eight-day simple moving average (SMA) of $575.82 and the 20-day SMA of $581.52, signaling healthy short-term momentum. Furthermore, Meta's strength in relation to the 50-day SMA, currently at $553.40, and the 200-day SMA of $498.76, indicates positive momentum for longer-term investors.

The MACD (Moving Average Convergence Divergence) value of 6.07 further supports this bullish sentiment. Additionally, with the relative strength index (RSI) at 61.61, which is close to overbought, investors should watch for any near-term pullbacks that could present buying opportunities in the context of a sustained upward trend.

Analyst Expectations and Price Targets for Meta

The consensus rating among analysts for Meta stock is categorized as a Buy. Presently, the average target price is set at $620.05, suggesting an upside potential of over 14%. Recent analyst reviews from firms like Bernstein, Jefferies, and TD Cowen indicate optimistic projections, with an average price target of $675.

Currently, Meta's stock is trading at $590.32. Investors are looking forward to the outcome of the upcoming earnings report and its impact on the stock's trajectory.

In conclusion, the combination of positive technical indicators and bullish analyst ratings positions Meta Platforms favorably ahead of its earnings report. Investors remain hopeful that strong financial results will propel the stock closer to the $620 mark.

Meta, Earnings, Stocks