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META stock has been doing really well this year. After a brief dip last week, the stock has surged to new yearly highs. This boost is largely due to an earnings report that surpassed analysts’ expectations.
The stock is now trading at its highest point since February 2022, marking a significant rebound for the company, which faced major losses from its Metaverse investments last year.
Several factors have contributed to the latest rise in META’s stock. First, there’s been a generally positive sentiment in the US stock market since the beginning of the year. Second, the company posted strong results for Q1. And third, the Q2 results were even better, exceeding market expectations.
In the second quarter, META earned $2.98 per share, up from $2.46 in the same quarter last year. Revenue also increased by 11%, reaching its highest level since 2021. As a result, META stock opened higher today and was up 7.7% at the time of writing.
In my earlier analysis, I predicted the stock might hit the $322 mark. It’s now trading above that level, indicating strength within the ascending channel and a solid recovery.
As long as META remains above the $320 level, my forecast for the stock stays bullish. A drop below this level could lead to significant resistance, but right now, the stock’s rally seems unstoppable.