Meta Platforms $META stock is testing downtrend channel wall resistance as of December 3, 2022. A bullish Three Inside Up candlestick pattern recently formed. $META stock is in a technical downtrend.
Momentum has gone positive in $META stock for the first time since August 2022, as bottom feeders with a long-term horizon position in the beaten down stock.
Bullish Option Flow In $META Stock
Bullish option flow occurred in $META stock on December 2, 2022. The total value of bullish option flow was $41.3 million.
Make sure to review this lesson on option flow so that you understand the image above.
Meta giving up some offices at Manhattan’s Hudson Yards
To reduce costs and staff, Facebook parent Meta Platforms decided not to renew its lease at 30 and 55 Hudson Yards on November 30, 2022, according to Bloomberg. Across the two towers, Meta currently leases over 250,000 square feet, but as it pauses hiring, it is reassessing its real estate plans. Source: https://news.bloomberglaw.com/daily-labor-report/meta-scales-back-nyc-hudson-yards-offices-in-cost-cutting-pivot
Meta Platforms price target lowered at Morgan Stanley
On November 15, 2022, Morgan Stanley analyst Brian Nowak maintained an Equal Weight rating on the shares of Meta Platforms while lowering the price target from $105 to $100. Through Q3 earnings season, indications of a weakening ad market grew as 14 of the 19 companies he monitors in the sector either missed Q3 ad revenue expectations or gave forward growth guidance that was slower than expected. Brian Nowak is downgrading his 2023 US online advertising and e-commerce forecasts and is now projecting growth in those sectors of about 6% and 5%, respectively.
Momentum points Meta stock more toward $120, says Virtus’ Joe Terranova
