Meta Platforms Hits New All-Time High After Weak Performance
After the pandemic hit, many stocks suffered significant losses, which brought their value down by multiple folds. Meta Platforms (NASDAQ: META) was one of these. However, this stock has recovered, recently hitting its new all-time high.
Jim Cramer’s “Inverse Cramer” Trend
Amidst weak performance, Jim Cramer, widely acknowledged for his dynamic persona and outspoken views on stocks and cryptocurrencies, shared his thoughts through tears on TV. It seems that his words and acts can now prove to be a catalyst for stocks to perform in the ‘inverse Cramer’ trend, and META appears to be a perfect example.
A Year of Revival for Meta Platforms
Since the company experienced a weak performance in 2022, the following year proved to be a year of revival for the company formerly known as Facebook. In a poignant reflection, Cramer articulated: “Let me say this: I made a mistake here. I was wrong. I trusted this management team. That was ill-advised. The hubris here is extraordinary, and I apologize. What did I get wrong? I trusted them, not myself. For that, I regret. I’ve been in this business for 40 years, and I did a bad job. I’m not proud.”
Impressive Recovery for Meta Platforms
Since October 27, 2022, when Cramer came out with his statement regarding this stock, it has managed to recover and add 303% to its value to this date, bringing its valuation from a little under $100 to a total of $401.02 since the previous closing.
At the time of press, META stock traded at $404.05, adding 0.76% in the premarket and gaining 4.04% in the last five trading sessions. Year-to-date, this stock increased in value by 15.80%.
Bullish Technical Indicators
Technical indicators from TradingView are pretty bullish, with a ‘strong buy’ at 16. Moving averages tilt towards ‘strong buy’ at 14. Oscillators give this stock a ‘buy’ rating of 2.
Hot Take: META Stock Surpasses Expectations
META stock has undoubtedly surpassed all our expectations, especially Cramer’s, who seems to be falling into a rut regarding his predictions.
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