Meta Platforms’ (NASDAQ: META) Rally Pauses For Breath

Meta Platforms Inc. (NASDAQ: META) recently concluded a mightily impressive 20 consecutive days of stock price rises. The rally, which ended on February 18, has seen Meta’s stock gain 17.44% on a year-to-date basis when including the past two days where the price has pulled back ~5% from the newly minted high of $740.91.

Such had been the extent of the rally, that Meta had recently been referred to as the “Magnificent 1” on CNBC’s halftime report show, having significantly outperforming its counterparts in the “Magnificent Seven” group of technology stocks and helping the MAGS ETF to 2.05% in gains YTD.

This rally not only exceeded Meta’s previous record of an 11-day rally set in September 2015 but also outpaced similar recent rallies by other tech giants such as Tesla (hit 13 consecutive days in Mid 2023) or Nvidia (10 consecutive into November 2023).

The rally from November 2022 lows now stands at a staggering 675%, a truly impressive turnaround story. The stock continues to hold the backing of analysts, who have responded positively to Meta’s actions, with a consensus price target of $762.74, close to 10% above current price action.

With the pre-market action indicating close to a 0.5% decline, the pause could stretch into a third day. Despite the end of Meta’s extraordinary 20-day rally, the company continues to look like a winner.