Meta Platforms broke out of a flat base and is in a buy zone. The Facebook parent climbed 3.5% Tuesday and closed at a record high of 613.65.
The stock started to climb after Meta Platforms CEO Mark Zuckerberg met with President-elect Donald Trump on Nov. 27 at Trump's Mar-a-Lago home.
The Magnificent Seven stock ranks No. 1 out of 69 in IBD's Internet Content industry group.
Meta Stock Ripe For Picking
On Tuesday, Meta stock rose 3.5% and broke out past a 602.95 buy point, according to MarketSurge pattern recognition. Shares are in the 5% buy zone up to 633.10.
The volume was running 25% above average, so less than IBD's ideal 40% or higher for a breakout. But getting a bigger volume burst could be difficult because Meta stock trades an average of nearly 12 million shares per day.
The stock's relative strength line is back near its high, reached in early October.
Shares reclaimed the 50-day moving average on Monday, which could have been used as an early entry.
Meta has climbed around 73% so far this year, even though its previous two breakouts struggled.
A move above a cup-with-handle buy point at 514.01 on June 26 rolled over in about 10 sessions. And Meta hardly moved above a 542.81 buy point on Aug. 22 before sinking back into a cup base. The stock eventually made a new high on Sept. 19, a couple of weeks before its latest base began forming.
Meta Profits Grow, But At Slower Pace
Meta's third quarter earnings grew 37% on 19% sales growth. The company's profit growth slowed after triple-digit increases in the third and fourth quarters of 2023.
Its 2024 full-year profit is expected to rise 46% then 12% in 2025, according to MarketSurge. Its revenue growth is estimated to slow to around 15% over the next four quarters.
Meta stock holds respectable 96 Composite and Earnings Per Share Ratings.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
