Meta Platforms (META) has introduced a cheaper version of its Quest virtual reality (VR) headset that retails at a starting price of $299.
The new Quest 3S headset was unveiled at Meta’s annual Connect developer conference and will go on sale October 15 of this year. The starting price of $299 is lower than the $499 entry price of the previous Quest 3 VR headset.
In announcing its newest headset, management at Meta Platforms said that the device can be used to watch movies, play video games, and run virtual reality fitness apps. Also at the Connect conference, Meta’s management team introduced a prototype for new augmented-reality smart glasses and announced features for its artificial intelligence (AI) chatbot.
Growing Competition for VR Headsets
Meta Platforms faces growing competition in the market for VR headsets, notably from Apple (AAPL), which earlier this year launched its Vision Pro headset. Meta is positioning its Quest device at the low-end of the consumer market, hoping that the price sets it apart. Apple’s Vision Pro headset sells for $3,499, making it the pricier option for consumers.
Meta plans to market the new Quest 3S as both inexpensive and as a multitasking computer. According to industry reports, Meta Platforms has spent $65 billion developing VR headsets and other hardware in recent years as the company pushes into AI applications and products for the virtual realm known as the metaverse.
Is META Stock a Buy?
The stock of Meta Platforms has a Strong Buy rating among 45 Wall Street analysts. The rating is based on 41 Buy, three Hold and one Sell recommendations made in the last three months. The average price target on META stock of $586.49 implies 2% upside from current levels.
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