Meta Platforms (NASDAQ:META) has urged the Federal Trade Commission (FTC) to dismiss a lawsuit against Meta’s acquisition of virtual reality (VR) maker Within Unlimited, as reported by Bloomberg.
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Within Unlimited is a California-based technology company that creates, acquires, and distributes 360-degree video, AR, and VR experiences and products. It is well known for its virtual reality fitness app, Supernatural.
Initially, the FTC lawsuit alleged that the acquisition would affect competition in the VR fitness space. However, last week, the FTC reduced the underlying reasons for disapproval of the deal.
Instead, the FTC states that Meta was planning to create its own dedicated fitness app to compete with Within’s offering, before announcing the acquisition deal.
Meta stated that the FTC’s allegations of anti-competitiveness of the deal are “pure speculation.”
Is Meta Platforms Stock a Buy, Sell, or Hold?
As per TipRanks, analysts are cautiously optimistic about the stock and have a Moderate Buy consensus rating, which is based on 26 Buys and six Holds. Meta Platforms’ average price forecast of $207.73 implies 59.44% upside potential.
Further, META stock has a very positive signal from hedge fund managers, who added 4.5 million shares during the last quarter.
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