Meta Platforms is a multinational conglomerate and a leading corporate entity that owns and operates the world’s major social media platforms, including Facebook, Instagram, Whatsapp, Threads, and Messenger.
The company has recently forayed into the Web3 Metaverse domain, which has helped its CEO, Mark Zuckerberg, double its net worth by nearly $201 billion. Meta Platform’s share price has also doubled and is currently trading at $567. Can it increase to new price hikes soon? Let’s explore and find out.
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Meta Platforms Inc: New Developments
Meta Platforms is constantly working towards disrupting the AI and Metaverse markets by launching new products to tempt tech fiends.
The company unveiled a series of new products at its Connect event keynote program last week, launching a series of new AI-centric products in the market. The products include a Quest 3S headset and Ray-Ban AI-embedded smart glasses named Orion.
“Orion has the largest field of view in the smallest AR glasses form to date. That field of view unlocks truly immersive use cases for Orion, from multitasking windows and big-screen entertainment to life-size holograms of people – all digital content that can seamlessly blend with your view of the physical world.”
With such compelling new product revelations, the share price of Meta closed the day by spiking 0.9% last week, ending at $568.
Meta’s stark popularity and market reputation have urged JPM analysts to issue new predictions about the firm. The expert quipped how the firm is now transitioning towards becoming a fortified Metaverse company. The development is poised to help the firm build its solid market reputation, which may bolster its global valuation statistics.
“With the confluence of Meta’s hardware improvements over the last five years and progress with AI, Orion represents Meta’s evolution from a social media company to a Metaverse company.”
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Share Analysis and Target Price Prediction
According to TipRanks, Meta Platforms Inc.’s share price is on the verge of breaking out. The platform predicts the share to hit the $597 level in the next 12 months.
The platform further shared how the firm’s share can also break into a stunning bullish pace, helping it claim a new high of $811 in the next 12 months. TipRanks later added that if alternate eroding developments persist, the share price can hit a low of $475.
“Based on 45 Wall Street analysts offering 12-month price targets for Meta Platforms in the last 3 months. The average price target is $597.38 with a high forecast of $811.00 and a low forecast of $475.00. The average price target represents a 5.29% change from the last price of $567.36.”
Out of 45 Wall Street analysts, nearly 41 have issued a “strong-buy call,” with one signaling a hold call.
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“Meta Platforms’s analyst rating consensus is a strong buy. This is based on the ratings of 45 Wall Street analysts.”