Michael McCaul Wins Again As Meta Hits Multi-Month Highs
Shares of Meta Platforms (META:US) rose to 8-month highs on Thursday after the company reported better-than-feared results and announced a $40 billion buyback plan. Meta closed 23.28% higher on Thursday to post the biggest daily gain in almost 10 years, pushing its market cap to about $500 billion.
Meta’s Q4 earnings report has managed to finally win over analysts and investors as the company’s actions to cut costs started to yield results. The social media giant is finally becoming a leaner company with investors also happy to learn that the management is increasingly more focused on shareholder value. At least 3 research firms raised their recommendations on Meta following the very challenging year in 2022.
Meta stock’s surge has also pleased investors who used last year’s underperformance to build a stake in the social media business. One of them is Representative Michael McCaul, who once again showed he has a nose to find value in stocks.
While Congressman McCaul was reducing his stake in Meta from May until November, he returned to buying the stock in November. Rep. McCaul disclosed 4 buy trades, valued at between $50,000 - $100,000 in Meta stock. These trades were made on November 08, 14, and 18 when shares closed at $96.47, $114.22, and $112.05 respectively.
Meta is one of the top 3 most-traded stocks by Rep. McCaul, alongside Alphabet Inc (GOOGL:US) and Charles Schwab (SCHW:US).
For comparison purposes, Meta stock closed at $188.77 yesterday.