The stock of Meta Platforms (META) is on a record 15-day win streak.
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Shares of the social media company have been rallying since mid-January due to a number of catalysts that include bullish investor sentiment under the administration of incoming U.S. President Donald Trump, the company’s prospects in the field of artificial intelligence (AI), strong financial results, and continued cost controls.
The result is that META stock is up 22% so far this year, leading gains in the so called Magnificent Seven large-cap technology companies. Over the past 12 months, Meta Platforms’ stock has increased 53%. If the shares close higher on Feb. 10, it will mark 16 consecutive up days for the shares, a record both for the company and among the Magnificent Seven.
Epic Run
According to Dow Jones Market Data, no other Magnificent Seven stock has had as big a run as META is currently experiencing. The next closest stock is electric vehicle maker Tesla (TSLA), whose shares rose for 13 consecutive days in June 2023. Nvidia’s (NVDA) biggest run was a 10-day stretch of consecutive gains in November 2023.
The record run for META stock gathered momentum following the company’s strong fourth-quarter 2024 financial results, which showed strong growth for the company behind Facebook and Instagram. Meta is also taking steps to control costs, laying off 5% of its workforce even as its ramps up its AI investments.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 47 Wall Street analysts. That rating is based on 43 Buy, three Hold, and one Sell recommendations issued in the past three months. The average META price target of $760.82 implies 6.41% upside from current levels.
