The stock of Meta Platforms (META) has risen for a record 16 consecutive days.
Shares of the social media company have been rallying since mid-January due to several catalysts that include bullish investor sentiment, strong financial results, and cost controls.
The result is that Meta’s stock is up 20% so far this year, leading gains in the so called Magnificent Seven large-cap technology companies.
Over the past 12 months, Meta Platforms’ stock has increased 53%.
The current rally has now set a record both for the company and among Magnificent Seven stocks.
According to Dow Jones Market Data, no other Magnificent Seven stock has had as big a run as Meta Platforms is currently experiencing.
The next closest stock is electric vehicle maker Tesla (TSLA), whose shares rose for 13 consecutive days in June 2023.
Nvidia’s (NVDA) biggest run was a 10-day stretch of consecutive gains in November 2023.
The record run for Meta Platforms’ stock gathered momentum following the company’s strong fourth-quarter 2024 financial results.
Meta, which owns and operates Facebook and Instagram, is also taking steps to control costs, laying off 5% of its workforce on Feb. 10 even as its ramps up artificial intelligence (AI) investments.
Through five years, Meta’s stock has gained 235% and currently trades at $717.40 U.S. per share.
