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Abrams Capital Management L.P., managed by David Abrams, recently executed a significant transaction involving Meta Platforms, Inc. ((META)). The hedge fund increased its position by 62,795 shares.
Recent Updates on Meta Platforms, Inc. stock
Meta Platforms, Inc. is undergoing significant organizational restructuring, including a 5% reduction in its global workforce while increasing hiring of machine learning engineers. The company plans to merge its Messenger and Facebook teams and is considering moving its incorporation to Texas for better business conditions. Meta is heavily investing in virtual and augmented reality, with anticipated investments reaching $100 billion by the end of the year. The company has sold over 1 million Ray-Ban smart glasses in 2024 and sees 2025 as crucial for further smart glasses development. Reflecting these strategic changes, Argus has raised Meta’s stock price target from $686 to $775. The stock has shown a year-to-date price performance of over 20%, with an average trading volume of approximately 13.7 million shares and a market capitalization around $1.8 trillion.
More about Meta Platforms, Inc.
YTD Price Performance: 22.93%
Average Trading Volume: 13,722,994
Current Market Cap: $1866.6B