Meta Platforms’ (NASDAQ:META) stock has increased 95% year-to-date. The rally can be attributed to several tailwinds. These include positive developments with the ban of TikTok, better-than-expected Q1 results, and an encouraging outlook. While META stock has appreciated, its technical indicators also suggest a Buy, implying further upside from current levels.
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According to TipRanks’ technical analysis tool, Meta stock’s 50-Day EMA (exponential moving average) is 200.14, while its price is $243.18, making it a Buy. Further, META’s shorter duration EMA (20-Day) also signals an uptrend.
Backed by Meta’s year-to-date price appreciation, its ADX (Trend Strength Indicator) of 40.8 signals a strong growth trend. Based on Pivot Points, the META stock has the next resistance near $248.46 (see the graph below).
Is Meta a Good Buy Stock?
Overall, META is a Buy based on our summary signals, which combine the moving averages and the technical indicators to provide a summarized signal.
Following the solid quarterly results on April 26, 33 analysts, including RBC Capital analyst Brad Erickson, assigned a Buy rating on META stock. Erickson believes that the stock has more room for growth on the back of user growth and improvements in ad conversion rates.
META stock has a Strong Buy Consensus rating based on 40 Buys, five Holds, and two Sells. These analysts’ average price target of $277 implies a 13.9% upside potential.
