ARK Investment Management LLC, managed by Cathie Wood, recently executed a significant transaction involving Meta Platforms, Inc. ((META)). The hedge fund reduced its position by 66,473 shares.
Recent Updates on Meta Platforms, Inc. stock
Meta Platforms, Inc. is undergoing significant organizational changes, including a 5% reduction in its global workforce while increasing the hiring of machine learning engineers. The company is merging its Messenger and Facebook teams and considering relocating its incorporation to Texas for a more favorable business environment. Meta is heavily investing in virtual and augmented reality, aiming to reach $100 billion in investments by the end of the year. The company has sold over 1 million Ray-Ban smart glasses in 2024, with 2025 expected to be pivotal for further smart glasses development. As a result of these strategic shifts, Argus has increased 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 cap nearing $1.8 trillion.
More about Meta Platforms, Inc.
YTD Price Performance: 22.93%
Average Trading Volume: 13,722,994
Current Market Cap: $1866.6B