Here’s how much META stock has surged since Zuckerberg’s rebrand

Since Mark Zuckerberg rebranded Facebook to Meta Platforms (NASDAQ: META) on October 28, 2021, the resulting company’s success has continued to demonstrate why this was such a good decision, including in terms of its earnings, as well as the price of its stocks.

Specifically, since the rebrand announcement, META stock has increased its price from $323.57 to $577.45, or almost 79%, while the most remarkable growth occurred after the significant dip to the low of $90.79 in early November 2022, based on the most recent chart information.

Indeed, the price of META stock at press time amounted to $577.45, recording a 0.65% increase on the day, adding up to the 1.72% gain across the week and the 11.25% growth over the month, as well as advancing 66.77% this year, as per the latest data retrieved by Finbold on September 26.

This means that, in less than two years, Meta Platforms stock has managed to climb over 536%, and every quarter since the one ending in July 2023 brought positive year-on-year (YoY) earnings per share (EPS) for the social media behemoth, including the last one, that saw a 75.2% growth.

As it happens, the growth of META’s YoY EPS in the second quarter of 2023 amounted to 22.6%, followed by 175.2% in the next quarter and a whopping 203.9% in the fourth quarter. In the first quarter of 2024, the growth amounted to 120.2%, per the data shared by TrendSpider.

At the same time, the stock’s weekly performance demonstrates a Gold Fibonacci Extension of 1.618 at $567.41, which indicates that META has already surpassed this key resistance level, signaling bullish momentum following the breakout from the ascending triangle pattern, while support lies at the 2021 high of $384.33.

Meanwhile, META stock’s recent price movements might benefit from Zuckerberg’s reveal of the upcoming augmented reality (AR) glasses called Orion, which the Meta Platform’s CEO presented during the company’s annual Connect conference on September 25.

In fact, Zuckerberg announced Meta’s first pair of AR glasses as its “first fully functioning prototype, the most advanced glasses the world has ever seen,” and as bringing the virtual world into the real one, or “physical world with holograms overlaid on it.” As he explained:

“If someone messages you, you will see that. And instead of having to pull out your phone, there will just be a little hologram and with a few subtle gestures, you can reply without getting pulled away from the moment. Or if you want to be with someone who is far away, they are going to be able to teleport as a hologram into your living room.”

Not long after the announcement, Bank of America (NYSE: BAC) analyst Justin Post hiked his META stock price target from $563 to $630, reiterating the ‘buy’ rating and lauding it as a top AI-related pick in the consumer internet space, as he argued that the glasses have “much broader market potential” than the goggles. In his words:

“While Metaverse spend still seems hard to justify, with glasses long-term investors may have some renewed optimism on Meta’s opportunity to be at the forefront of the next generation of personal computing devices. More importantly, the company appears to be successfully innovating around new AI capabilities, driving usage growth which can offset terminal value concerns.” 

All things considered, the recent positive developments might, indeed, prove bullish for META stock and aid in its further price growth, which plays well with the shares’ technical and fundamental analysis. However, things in the stock market can easily change, so doing one’s own research is critical.