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What's Going On With Meta Platforms Stock?

Meta Platforms Inc (NASDAQ: META) shares are trading lower Tuesday amid overall market weakness after the latest CPI inflation reading came in above economist estimates.

Benzinga · 09/13/2022 13:34

Meta Platforms Inc (NASDAQ:META) shares are trading lower Tuesday amid overall market weakness after the latest CPI inflation reading came in above economist estimates.

The headline CPI rose 8.3% in August, down from 8.5% in July. However, the August CPI reading came in above average economist estimates of 8%. 

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, also above average economist estimates for a 6.1% gain.

The latest CPI inflation data could act as a confirmation of recent indicators for the Fed and signal that another 0.75% rate hike is likely this month.

Tuesday's CPI print is the last major data release the Fed will have before making its next decision on rates, which is due at its upcoming meeting on Sept. 20.

Related Link: August Inflation Runs Hot, Melting Stocks As Bears Reemerge: What Investors Need To Know

On Monday, Piper Sandler analyst Thomas Champion maintained Meta with a Neutral rating and lowered the price target from $190 to $175, citing channel checks showing the company could be losing share to competitors

See Also: What's Going On With Nvidia Shares

META Price Action: Meta has a 52-week high of $378.59 and a 52-week low of $154.25.

The stock was down 7.27% at $156.63 at time of publication, according to Benzinga Pro.

Photo: Gerd Altmann from Pixabay.