Meta stock traded slightly lower Thursday, as the social media giant's Threads platform launched in Europe. With its gains yesterday, Meta stock is trading above an entry point after its shares slipped below it earlier this week.
On the stock market today, Meta stock dropped a half-percent to close 333.17. Shares broke below a 326.20 buy point on Monday when they closed at 325.28, according to MarketSmith.
Meta Stock Climbs Above Buy Point
But gains Tuesday and Wednesday have the stock back above its entry level from a consolidation base, MarketSmith shows. Further, shares crossed back over Meta stock's 21-day moving average with a small gain Wednesday.
Meanwhile, Chief Executive and Founder Mark Zuckerberg said Thursday that Threads is now available to users in the European Union. The Facebook parent company launched Threads as a separate app in July. It is a competitor to the Elon Musk-owned X, formerly Twitter. The European rollout was reportedly delayed by regulatory uncertainty in the EU over the use of personal data on the app.
Threads reached 100 million monthly active users this summer, Zuckerberg said on Meta's third quarter earnings call. Launched as an app, Threads has added a desktop version and topic tags, similar to hashtags on X.
Helped by excitement over its artificial intelligence push and a recovery for its digital advertising sales, Meta has gained 178% this year. Meta stock is on the IBD Leaderboard. Further, Meta is part of the so-called Magnificent Seven that have powered the stock market rally this year.
