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META PLATFORMS, INC.

(META)
  Report
Real-time Estimate Cboe BZX  -  03:29 2022-09-28 pm EDT
141.32 USD   +5.15%
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Newly minted meme stock darling AMTD slides after eye-popping surge

08/03/2022 | 11:19am EDT

Aug 3 (Reuters) - Shares of AMTD Digital plunged 40% on Wednesday to snap an eye-popping rally fueled by retail investors this week that briefly took the Hong Kong-based fintech's market value past that of Facebook-owner Meta Platforms.

The company's market capitalization closed above $300 billion in a 128% jump on Tuesday, reminding investors of the meme stock mania last year that drove record rallies in shares of companies such as GameStop and AMC.

The stock has risen about 21,000% since its July IPO, when it listed at a price of $7.80. It was trading at $1014.98 on Wednesday.

"It sure looks a lot like a pump-and-dump," Nate Anderson, founder of Hindenburg Research, said, adding that it does not have a position in AMTD Digital. "It seems to have caught on among retail investors, which is often the fuel for these situations."

In a typical pump-and-dump scheme, investors create artificial demand to boost companies' stock prices and then sell their own shares at a profit causing prices to fall, saddling others investors with losses.

AMTD Digital was also the most-mentioned stock on Reddit.com, the social media platform central to the meme stock craze of 2021.

The company said on Tuesday there was no material change or event related to the company's business and operating activities since the IPO date and that it was monitoring the share volatility.

The fintech firm, which provides loans and services to startups in exchange for fees, has a low float and is tightly controlled by parent company AMTD Idea.

AMTD Idea's shares also slid 4% after closing Tuesday with a market value of $2.6 billion.

"(AMTD Digital) is clearly the newest meme stock with bands of retail traders purchasing the stock at the same time, pushing the price sharply higher," said Victoria Scholar, head of investment at Interactive Investor.

There has been a similar, but smaller, surge in some other recently listed U.S. companies, including Getty Images which jumped over 200% since its debut on July 25.

"Should this market rebound have more legs, we expect retail investors' appetite for speculative stocks to continue, as they seek the opportunity to further scratch back the losses they’ve accumulated through the year," said Lucas Mantle, a data science analyst at Vanda Research.

(Reporting by Bansari Mayur Kamdar and Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMTD DIGITAL INC. -7.63% 55 Delayed Quote.0.00%
GAMESTOP CORP. 3.56% 27.1 Delayed Quote.-34.01%
META PLATFORMS, INC. 5.32% 141.57 Delayed Quote.-60.04%
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Analyst Recommendations on META PLATFORMS, INC.
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Financials (USD)
Sales 2022 118 B - -
Net income 2022 26 659 M - -
Net cash 2022 39 915 M - -
P/E ratio 2022 13,7x
Yield 2022 -
Capitalization 361 B 361 B -
EV / Sales 2022 2,72x
EV / Sales 2023 2,34x
Nbr of Employees 83 553
Free-Float 84,4%
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Technical analysis trends META PLATFORMS, INC.
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 55
Last Close Price 134,40 $
Average target price 221,59 $
Spread / Average Target 64,9%
EPS Revisions
Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Atish Banerjea Chief Information Officer
Andrew Bosworth Chief Technology Officer
Rajeev Rajan Vice President & Head-Engineering
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