Meta Platforms (META) stock slipped on Monday after the tech company reportedly delayed the release of its Phoenix mixed reality glasses to 2027. According to an internal memo obtained by Business Insider, the company has pushed back the release of Phoenix to “get the details right.”
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Meta’s decision makes sense, as there’s already competition for Phoenix. Apple’s (AAPL) Vision Pro fits a similar niche, and while it was well received, the somewhat clunky headset didn’t become an essential home product, instead only appealing to consumers with a deep interest in augmented, virtual, and mixed reality technology.
While the Meta Phoenix won’t be out until 2027, the company still has other products on the docket. The company revealed a new support hub that is powered by artificial intelligence. This hub is available to Facebook and Instagram users. Meta has a huge focus on AI with its own Llama model, and it wouldn’t be a surprise to see some of that technology end up in Phoenix.
Meta Platforms Stock Movement Today
Meta Platforms stock was down 0.53% on Monday but was still up 14.51% year-to-date. The stock has also rallied 9.75% over the past 12 months. Stock movement today was muted at roughly 4.22 million shares traded, compared to a three-month daily average trading volume of about 23.2 million units.
Is Meta Platforms Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Meta Platforms is Strong Buy, based on 36 Buy, six Hold, and a single Sell rating over the past three months. With that comes an average META stock price target of $832.06, representing a potential 24.23% upside for the shares.
