META investors were likely spooked this afternoon by Wall Street Journal's report: "European Union privacy regulators say Facebook and Instagram shouldn't use their terms of service to require users to accept ads based on their digital activity." For more coverage, read the full article here. On the back of this news, Meta Platforms sank -6.0% to a price of $115.03. Are the markets overreacting?
Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. The company belongs to the Communication Services sector, which has an average price to earnings (P/E) ratio of 18.65 and an average price to book (P/B) ratio of 2.62. In contrast, Meta Platforms has a trailing 12 month P/E ratio of 9.7 and a P/B ratio of 2.5.
Meta Platforms has moved -62.1% over the last year compared to -14.7% for the S&P 500 -- a difference of -47.4%. Meta Platforms has a 52 week high of $352.71 and a 52 week low of $88.09. At today's price of $115.03 per share, Meta Platforms is -25.08% away from its target price of $153.53, and on average, analysts give the stock a rating of buy.1.8% of the company's shares are linked to short positions, and 75.0% of the shares are owned by institutional investors.
