There are few companies that have been winning on Wall Street the way that META has in recent weeks. However, a rather surprising development took place that has some investors spooked. Indeed, META CEO Mark Zuckerberg has sold $30 million worth of the stock at a 52-week high. This has left many wondering just why he would sell such a high point.
The tech firm has been dominating, with it reporting a 49% jump in net income during its Q4 earnings report. Even despite ongoing geopolitical tensions and concerns growing, META is still up less than 1% and trading above the $709 mark Thursday. Just two days ago, the company reached an all-time high closing price of $704.
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Throughout the first month of the year, META has established itself as a clear Wall Street winner. With the US enacting aggressive economic policy that has threatened the stock market, the tech firm has thrived. Moreover, it has continued a record-winning streak, gaining in 12 straight sessions.
However, recent developments had investors worried that there was something they were missing. Indeed, META CEO Mark Zuckerberg sold more than $30 million in the stock of the company at a 52-week high, according to a Yahoo report. The question is, why?
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According to filings, Zuckerberg executed the sale on Wednesday, with shares being offloaded for prices between $700 and $717. This took place as the stock traded at heights of $718 throughout the course of the day. However, the deal appears to be part of “a planned sale through a prearranged trading plan, deemed on August 9th,” reports note.
Indeed, the sale reduces Zuckerberg’s indirect ownership of the company’s Class A common stock to 200 shares. This reiterates the notion that the sale has no real in-depth impact on the stock, nor is it some kind of harbinger of deeper news.
The company is still thriving and is expected to outperform the market over the next twelve months. According to 74 analysts surveyed by CNN, 86% currently have a buy rating on the start. Alternatively, just 3% have issued a sell rating, with it featuring a 13% upside at a $811 price target for 2025.
