Commercial-stage medical device manufacturer Modular Medical Inc. (NASDAQ:MODD) recently signed a significant contract with a national U.S. pharmacy benefit manager (PBM).

The agreement officially makes the company’s next-generation Pivot tubeless patch pump available through the national PBM network.

The Pivot tubeless patch pump is a simple, wearable insulin delivery platform designed to provide continuous subcutaneous insulin infusion with both basal and bolus insulin delivery over a three-day wear period.

Expanding Reach For Diabetes Therapeutics

Management anticipates that this new PBM engagement will broaden patient access to the Pivot insulin delivery system across the country.

Furthermore, securing this national contract serves to validate the tubeless patch pump as a viable and highly accessible therapeutic alternative for individuals living with diabetes.

“We believe this agreement with a national PBM, one of the largest in the country, represents an important commercialization milestone for our Pivot patch pump,” said Jeb Besser, CEO of Modular Medical.

Strategic Value Of PBM Partnerships

Pharmacy benefit managers operate at the center of the complex U.S. healthcare ecosystem.

These organizations collaborate closely with health plans, employers, pharmacies, and medical manufacturers to successfully administer prescription drug benefits and elevate the overall standard of care.

PBMs hold the responsibility of evaluating a product’s clinical value, negotiating complex reimbursement arrangements, and facilitating vital formulary placements.

By executing these functions, they enable patients to seamlessly acquire necessary medical therapies through their current healthcare benefit plans.

In August, Modular Medical initiated the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026.

To support the launch, Modular Medical partnered with Inizio, a global commercialization partner.

In June, Modular Medical announced that the first patients have completed onboarding and training and are now actively using the Pivot tubeless insulin patch pump in real-world settings.

MODD Stock Price Activity: Modular Medical shares were up 9.06% to $3.73 at the time of publication on Friday, according to Benzinga Pro data.

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Apple Inc (NASDAQ) stock edged higher in Friday premarket trading as investors weighed the company’s new leasing strategy against a mixed backdrop for mega-cap technology stocks.

Nasdaq futures fell about 0.5%, while S&P 500 futures slipped 0.03%.

Counterpoint Sees Leasing Supporting Volume And Premium Mix

Apple is shifting its device financing strategy toward leasing as higher hardware costs and potential price increases put more focus on monthly affordability.

Counterpoint Research analyst Maurice Klaehne said the new Apple Upgrade program could help protect device volumes as prices rise while encouraging customers to choose higher-priced configurations.

The Klarna Group plc (NYSE:KLAR)-backed program covers iPhone, Apple Watch, Mac and iPad. Customers can upgrade, buy their existing device or return it when the lease ends.

Klaehne also sees the program as a way to attract first-time iOS users and Android switchers while potentially shortening replacement cycles.

Klarna Partnership Limits Apple’s Credit Exposure

Klaehne highlighted another advantage for Apple: Klarna handles the financing relationship, allowing Apple to benefit from customer loyalty and device sales without carrying receivables or credit risk on its balance sheet.

He said the timing is significant as memory shortages drive DRAM and NAND prices higher and Apple raises prices across parts of its product lineup.

Klaehne views the upcoming iPhone 18 cycle as an important test of whether leasing can help offset higher upfront prices and sustain demand.

Lower carrier device promotions could also encourage consumers to consider Apple Upgrade as an alternative payment option.

Apple Analyst Consensus & Recent Actions

Apple stock carries a Buy rating with an average price forecast of $335.24. Recent analyst moves include:

• Rothschild & Co: Upgraded to Buy (Raises Forecast to $400.00) (Aug. 17)
• Jefferies: Downgraded to Underperform (Lowers Forecast to $263.66) (Aug. 10)
• China Renaissance: Downgraded to Hold (Forecast $280.00) (Aug. 4)

Top ETF Exposure

• iShares S&P 100 ETF (NYSE:OEF): 9.83% Weight
• HCM Defender 100 Index ETF (NYSE:QQH): 9.81% Weight
• NYLI US Large Cap R&D Leaders ETF (NASDAQ:LRND): 9.49% Weight

Significance: Because AAPL carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

AAPL Price Action: Apple shares were up 0.24% at $315.33 during premarket trading on Friday, according to Benzinga Pro data.

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For most of the AI boom, Nvidia Corporation (NASDAQ:NVDA) margins moved in just one direction. That is about to change.

Soaring memory costs will push the company’s gross margins from 75% in the second quarter to 71%–72% in the fourth quarter. Nvidia expects margins to recover only after higher prices take effect in fiscal 2028.

But what caused the decline? An AI buildout so expensive that it inflates the cost of the components Nvidia needs to build its own systems.

That creates a new problem for the Santa Clara, California-based company: Demand is still overwhelming supply, but some of that scarcity is now working against it.

Memory Prices are Becoming Nvidia’s Problem

Nvidia delivered $96 billion of revenue in the second quarter, more than double the year-earlier figure. It also expects fiscal 2028 revenue to grow approximately 70%.

Yet investors are being asked to accept lower profitability while that growth accelerates.

Colette Kress, Nvidia’s chief financial officer, said the company is facing “extreme pricing conditions in memory.”

“The magnitude of the price increase has exceeded our prior expectations and are headed even higher into next year,” she added.

That is the clearest signal yet that memory has become a meaningful constraint inside the AI infrastructure boom.

Every accelerator Nvidia ships carries high-bandwidth memory it buys from someone else, mainly Micron Technology Inc. (NASDAQ:MU), SK Hynix Inc. (NASDAQ:SKHY) and Samsung Electronics, and that memory has become the fastest-inflating line in the bill of materials for an AI server.

Nvidia said memory scarcity is “being driven in large part by the AI build-out itself.” In other words, the same demand surge creating Nvidia’s revenue growth is also making some of its inputs more expensive.

That makes memory inflation different from an ordinary cost shock.

The pressure is visible in Nvidia’s guidance. Gross margins are expected to be 74% in the third quarter, then fall to 71%–72% in the fourth quarter.

That would mark the first major sequential deterioration in margin of the current AI cycle.

Nvidia Can Raise Prices. But Timing Matters

Nvidia can raise prices to offset higher memory costs, but there is a delay. Memory prices are still rising now. Nvidia’s price increases will start showing up in fiscal 2028.

That means margins will take a hit first. They should recover later as higher prices are passed on to customers.

The key question for investors is how long that gap lasts.

Nvidia still has plenty of demand. The company says demand is growing about 100% next year, but supply limits revenue growth to roughly 70%.

As CEO Jensen Huang said, “The unconstrained would be a lot higher.”

The AI Supply Chain Is Changing

Nvidia is still growing at an extraordinary pace. But rising memory costs mean the company may not keep all the benefits of that growth.

Some of the money is flowing to the companies supplying the components Nvidia needs.

Memory is the clearest example.

Nvidia expects revenue to grow about 70% in fiscal 2028. But if memory prices remain high, Nvidia could earn slightly less profit per dollar of sales.

That makes gross margins almost as important as revenue growth in the next phase of the AI boom.

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Nayax Ltd. (NASDAQ:NYAX) stock jumped over 12% Tuesday after the payments company agreed to acquire smart parking technology provider IPS Group Inc. for $350 million in cash.

Deal Expands Parking Business

Nayax will acquire IPS from Windjammer Capital Investors on a cash-free, debt-free basis. The purchase price equals about 17 times IPS’ estimated 2026 adjusted EBITDA. That multiple falls to about 12 times after expected synergies.

IPS provides connected parking meters, mobile payments, enforcement software and curb-management tools. Its technology supports more than 250,000 parking spaces across the U.S., U.K., Ireland and Canada.

The deal will combine IPS’ parking platform with Nayax’s payment infrastructure and distribution network. Nayax operates in more than 120 countries. The company plans to expand IPS into Continental Europe and cross-sell electric vehicle charging services.

IPS Forecasts Strong 2026 Growth

IPS expects 2026 revenue to exceed $90 million, with recurring sales accounting for more than 60% of the total. The company projects about 20% organic revenue growth and adjusted EBITDA of roughly $21 million.

Nayax expects the acquisition to immediately improve gross margin, adjusted EBITDA margin, adjusted earnings per share and free cash flow conversion. However, the deal is not included in its current 2026 guidance.

The company also expects more than $8 million in annual EBITDA synergies by 2029.

Closing Expected In Fourth Quarter

Nayax will fund the purchase with available cash and about $150 million of new committed debt. Net leverage is expected to reach roughly 3.8 times at closing before falling below 3 times by the end of 2027.

The transaction is expected to close in the fourth quarter, subject to regulatory approval. IPS’ management team will continue operating the business from San Diego.

NYAX Price Action: Nayax shares were trading up 12.41% at $51.91 at the time of publication on Tuesday, according to Benzinga Pro data.

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Micron Technology, Inc. (NASDAQ:MU) on Thursday disclosed the launch of Micron Research Labs, a U.S.-based long-horizon research institution aimed at advancing memory and AI technologies.

Launches Micron Research Labs For Memory And AI

This is supported by a planned $10 billion investment over the next 10 years.

Positioned as the first dedicated memory research hub of its kind in the U.S., Micron Research Labs will be anchored by a flagship campus in Boise designed to advance research across critical technology areas.

The new research hub will focus on critical memory technologies, advanced memory and computing architectures, packaging and future semiconductor manufacturing.

The planned investment will also support extensive collaborations with universities, global satellite laboratories and deeper partnerships across the semiconductor ecosystem, establishing a connected research network focused on technologies beyond the next generation for the AI era.

Micron expects to begin construction of its advanced Micron Research Labs facility in 2027, with space for hundreds of researchers.

Micron Chairman, President and CEO Sanjay Mehrotra noted that this builds on more than $250 billion already committed to U.S. manufacturing and R&D, reflecting Micron’s confidence in AI’s long-term potential.

Micron (MU) Technical Outlook: Key Levels And Momentum

Currently, Micron’s stock price stands at $923.00, which is approximately 3.8% above its 20-day simple moving average (SMA) of $894.74 but 3.5% below its 50-day SMA of $962.32. The Relative Strength Index (RSI) is at 51.90, indicating a neutral momentum phase, suggesting that the stock is neither overbought nor oversold at this time.

The stock is also significantly above its 200-day SMA of $563.69, reflecting a strong long-term trend. However, the 20-day SMA is below the 50-day SMA, which is generally considered a bearish signal.

• Key Resistance: $1012.00 — a nearby level where rebounds can stall, tied to a recent pivot zone.
• Key Support: $891.50 — a nearby level where buyers previously stepped in, aligning with the 52-week low zone.

Micron (MU) Earnings Preview And Analyst Estimates

Micron Technology is slated to provide its next financial update on September 22, 2026 (estimated).

• EPS Estimate: 31 cents (Up from 3 cents YoY)
• Revenue Estimate: $50.81 Billion (Up from $11.31 Billion YoY)
• Valuation: P/E of 21.2x (Indicates fair valuation)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $1537.50. Recent analyst moves include:

• Citigroup: Buy (Lowers Target to $1150.00) (Aug. 7)
• Keybanc: Overweight (Raises Target to $1750.00) (July 14)
• Cantor Fitzgerald: Overweight (Raises Target to $2000.00) (June 29)

Top ETFs Holding Micron (MU) Stock

• Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ): 8.91% Weight
• State Street SPDR NYSE Technology ETF (NYSE:XNTK): 8.14% Weight
• Invesco AI and Next Gen Software ETF (NYSE:IGPT): 8.71% Weight

Significance: Because MU carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

MU Price Action: Micron Technology shares were up 0.60% at $942.47 at the time of publication on Thursday, according to Benzinga Pro data.

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For years, Apple Inc. (NASDAQ:AAPL) showed that a technology company could keep investing for growth while returning enormous amounts of cash to shareholders. Now, SK hynix Inc. (NASDAQ:SKHY) appears to be following a similar playbook.

Its record 40 trillion won ($28.6 billion) share buyback isn’t just a response to a falling stock price—it signals a broader shift in how the AI memory leader intends to deploy the cash generated by the industry’s biggest boom in years.

Apple’s Capital Return Strategy Is Becoming SK Hynix’s Blueprint

SK Hynix announced plans to repurchase and cancel 24.07 million shares over the next three months while raising its shareholder return commitment to more than 50% of cumulative free cash flow generated between 2025 and 2027. The company also said future returns could include both fixed and special dividends.

The announcement follows weeks of investor pressure.

Earlier this month, Reuters reported that shareholders were urging both SK Hynix and Samsung Electronics Co., Ltd (OTC:SSNLF) to return more of their AI-driven cash windfalls through buybacks and dividends. Investors argued that sitting on massive cash balances risked reinforcing concerns that today’s AI profits may prove cyclical rather than durable.

Apple emerged repeatedly as the benchmark.

In the Reuters analysis, investors pointed to Apple’s capital allocation strategy as an example of how a cash-rich technology company can reward shareholders while continuing to invest heavily in future growth.

Apple launched a landmark capital return program in 2013 that combined steadily expanding buybacks with growing dividends, helping establish shareholder returns as a core part of its investment case.

The AI Memory Boom Has Created an Apple-Like Cash Machine

The comparison isn’t about products—it’s about cash generation.

SK Hynix ended the second quarter with approximately 69 trillion won in net cash, fueled by surging demand for high-bandwidth memory (HBM) chips used in AI accelerators. At the same time, the company continues investing aggressively in manufacturing capacity to support long-term AI demand.

Despite those investments, management believes it has room to return substantially more capital.

In announcing the buyback, SK Hynix said its current share price does not fully reflect the company’s “business competitiveness, robust cash generation capability, and mid-to-long-term growth potential.”

That language echoes the philosophy behind Apple’s long-running capital return strategy: confidence that future cash flows will remain strong enough to fund innovation while shrinking the share count.

That comparison is our inference. SK Hynix has not said it is modeling its strategy after Apple.

Why This Matters Beyond the Buyback

The record repurchase may prove to be only the beginning.

Beyond authorizing South Korea’s largest-ever treasury share cancellation, SK Hynix also changed its capital allocation framework by increasing its shareholder return target from “within 50%” of cumulative free cash flow to “over 50%”. Analysts see the move as a signal that additional buybacks and special dividends could follow if AI-driven cash generation remains robust.

The policy shift is arguably more significant than the buyback itself because it gives investors a clearer framework for how future AI profits could be distributed.

What SK Hynix Investors Should Watch Next

Apple’s shareholder return program didn’t transform investor sentiment because of a single buyback—it did so through years of disciplined capital allocation backed by durable cash generation.

SK Hynix is still in the early stages of that journey. The key question for investors is whether the company can continue generating AI-driven cash flows while maintaining heavy investment in next-generation memory.

If it can, this week’s record buyback may be remembered less as a one-off announcement and more as the beginning of a new capital allocation era for the world’s leading AI memory supplier.

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Intel Corp. (NASDAQ:INTC) just gave investors a new reason to pay attention to its $100-plus stock price. The chipmaker announced Monday that it plans to raise $15 billion through a public offering of common stock, with underwriters also receiving a 30-day option to purchase up to another $2.25 billion of shares.

The tech company’s shares fell more than 3% in premarket trading after the announcement as investors weighed the potential increase in the number of shares outstanding.

That is a significant change from simply filing a shelf registration. A shelf registration gives a company flexibility to sell securities later. Intel has now taken the next step and disclosed an actual amount it intends to raise.

Why Intel Wants the Money

Intel says it plans to use the net proceeds for capital expenditures and working capital. The company says customer demand remains strong, particularly as spending on AI computing accelerates, and points to opportunities in physical AI, custom silicon, advanced chip packaging and external foundry wafers.

That matters because Intel’s turnaround is becoming increasingly capital intensive.

The company recently raised its 2026 capital spending forecast to more than $20 billion and indicated that spending could rise further in 2027. Intel is investing in manufacturing capacity and advanced packaging as it tries to rebuild its position as a major contract chip manufacturer and compete more directly with Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM).

The stock offering therefore gives Intel something its turnaround needs badly: more capital without adding another large debt burden.

The Catch for INTC Investors

The trade-off is straightforward.

When a company issues new shares, existing shareholders own a smaller percentage of the company unless the additional capital eventually creates enough value to offset that dilution.

The concern is already showing up in the stock. Intel shares have more than doubled this year, making the current market environment considerably more attractive for raising equity than it would have been before the turnaround rally.

The timing is therefore notable. Intel is effectively using the strength of its stock to help finance the next phase of its manufacturing comeback.

That does not automatically make the offering bad news. If Intel uses the proceeds to expand capacity that generates strong returns, the additional capital could ultimately create more value than the shares issued to raise it.

But investors now have a new number to watch: $15 billion. And if the underwriters exercise their full option, the offering could reach $17.25 billion.

For a company racing to turn its manufacturing ambitions into a profitable business, that is a lot of fresh capital — and a lot riding on Intel’s ability to make the investment pay off.

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Owens Corning Inc. (NYSE:OC) stock rose in premarket trading Wednesday after the building materials company reported second-quarter results that topped Wall Street expectations on stronger-than-expected earnings and revenue.

Second-Quarter Results

Adjusted earnings increased to $3.93 per share, beating the analyst consensus estimate of $3.08. Revenue was $2.76 billion, roughly flat from a year earlier and above analysts’ estimate of $2.65 billion.

Adjusted EBITDA declined 6% year over year to $660 million, while adjusted EBITDA margin narrowed to 24% from 26% a year earlier.

Operating cash flow increased to $398 million from $327 million in the prior-year quarter. Free cash flow totaled $199 million. The company ended the quarter with $271 million in cash and cash equivalents.

Roofing And Insulation Offset Doors Weakness

The Roofing segment generated $1.31 billion in sales, up 1% from a year earlier, with EBITDA of $441 million and a 34% margin.

Insulation sales rose 4% to $971 million, producing EBITDA of $213 million and a 22% margin.

The Doors segment reported revenue of $513 million, down 7% year over year. EBITDA totaled $57 million, with an 11% margin.

Portfolio Changes And Capital Returns

Owens Corning completed the sale of its Glass Reinforcements business on April 30, advancing its strategy to focus on residential building products in North America and Europe.

The company said the divestiture is expected to improve margins, strengthen cash flow resilience and support long-term growth.

On July 29, Owens Corning named Jonathan Collins executive vice president and chief financial officer, effective Aug. 10.

The company returned $264 million to shareholders through dividends and share repurchases during the quarter. It repurchased 1.7 million shares for $200 million and had 10.8 million shares remaining under its existing authorization at quarter-end.

Outlook

Owens Corning expects third-quarter revenue of $2.6 billion to $2.7 billion, compared with the analyst consensus estimate of $2.68 billion. The company expects enterprise adjusted EBITDA margin of 20% to 22%.

Management said discretionary remodeling and residential new construction activity are expected to remain under pressure. Roofing demand from seasonal storms is expected to track historical trends, while elevated distributor inventory built during the second quarter is expected to reduce third-quarter purchases.

The company expects North American nonresidential construction to remain stable, with gradual improvement in its core European markets.

Owens Corning also said inflationary pressures related to the Iran conflict are expected to increase third-quarter costs by about $40 million.

The company exceeded its cost-synergy target for the Doors business, achieving $135 million in enterprise run-rate savings versus its $125 million mid-2026 goal. It remains on track to deliver an additional $75 million in structural cost savings through network optimization and operational improvements.

OC Price Action: Owens-Corning shares were trading up 3.07% at $150.00 during premarket trading on Wednesday, according to Benzinga Pro data.

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AXT Inc. (NASDAQ:AXTI) shares are surging premarket on Friday after the company posted strong second-quarter results after Thursday’s closing bell.

Semiconductor wafer manufacturer AXT reported adjusted EPS of 19 cents, which beat the analyst consensus estimate of seven cents, according to Benzinga Pro data.

Revenue rose 164.80% year over year (Y/Y) to $47.59 million, blowing past the Street estimate of $34.09 million.

Adjusted gross margin expanded to 45.0% in the second quarter from 8.2% in the second quarter of 2025, led by higher volumes and favorable product mix.

Adjusted operating profit stood at $11.2 million, better than the loss of $6.1 million in the prior-year quarter.

Cash, cash equivalents, and investments stood at $748.8 million as of June 30, 2026.

Record Indium Phosphide Revenue

Indium phosphide (InP) revenue hit a record $30.7 million, driven by strong demand from AI data center applications.

Morris Young, CEO of AXT, said the company has reached a key inflection point, with strong demand for data center optical connectivity, expanding manufacturing capacity, and improved productivity driving a significant increase in revenue. He highlighted that the second quarter marked AXT’s highest quarterly indium phosphide revenue to date.

Revenue by product category included $6.6 million from gallium arsenide, $272,000 from germanium substrates, and record consolidated raw material joint venture revenue of $10 million. The company’s top five customers accounted for approximately 30% of revenue, with no single customer contributing more than 10%.

InP backlog exceeded $100 million, with demand continuing to outpace supply. Growth is being fueled by AI data center expansion, including adoption of 800G and 1.6 terabit optical transceiver modules, as well as future near-packaged optics and co-packaged optics technologies.

In China, revenue from InP-based laser markets more than doubled sequentially in the second quarter, with further growth expected in the third quarter of 2026.

Outlook & Management Commentary

The company projects third quarter adjusted EPS of 30-32 cents per share (vs consensus of 11 cents) and sales of $66.000 million vs street view of $38.801 million.

It anticipates GAAP EPS of 29 to 31 cents versus the 9 cents estimate.

AXT is on track to double InP production capacity in 2026, driven by faster capacity expansion, improved manufacturing productivity from new crystal growth furnace designs, and customer migration toward larger-diameter substrates and higher-value products.

The company expects to more than triple its InP revenue opportunity by the end of 2026, with further expansion anticipated in 2027. AXT expects AI infrastructure growth to support a multi-year demand cycle for InP materials.

AXTI Price Action: AXT shares were up 36.34% at $64.00 during premarket trading on Friday, according to Benzinga Pro data.

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Meta Platforms Inc. (NASDAQ:META) stock rose in Tuesday’s premarket session, outperforming a weaker broader market ahead of the company’s quarterly earnings. Nasdaq futures fell 0.91%, while S&P 500 futures slipped 0.18%.

Meta’s gains came despite a risk-off tone in equity futures as investors positioned ahead of the company’s second-quarter earnings report, due on Wednesday, July 29. The stock is drawing attention as traders weigh expectations for advertising growth, artificial intelligence investments and spending discipline..

Meta, BlackRock Partner On $14 Billion Texas AI Data Center Venture

Investor sentiment also received a boost after Meta Platforms and BlackRock Inc. (NYSE:BLK) announced a venture to develop a $14 billion, 1-gigawatt artificial intelligence data center campus in El Paso, Texas.

Funds managed by BlackRock will own an 80% stake in the venture, while Meta will retain the remaining 20% and lease the entire campus.

The project, which is expected to begin coming online in 2028, includes more than $10 billion in Meta investment and is projected to create more than 4,000 construction jobs and 300 operational jobs once complete.

Meta founder and CEO Mark Zuckerberg said expanding infrastructure for superintelligence is essential to broadening access to AI technology.

He added that partnering with BlackRock will help Meta build data centers more quickly and at greater scale by combining its operational expertise with BlackRock’s infrastructure investment capabilities.

BlackRock Chairman and CEO Larry Fink said the partnership will support thousands of skilled jobs and contribute to economic growth in El Paso.

He added that the deal reflects rising demand for long-term infrastructure financing and demonstrates BlackRock’s ability, alongside GIP and HPS, to provide investment opportunities tied to AI infrastructure and energy projects.

Technical Analysis

Meta remains under pressure despite Tuesday’s modest rebound. The stock is trading 4.5% below its 20-day simple moving average of $623.15, 1.7% below its 50-day SMA of $605.62 and 6.6% below its 200-day SMA of $637.48.

Momentum also remains weak. The moving average convergence divergence (MACD) indicator is below its signal line, while the histogram remains negative, suggesting buying momentum has eased.

The moving averages present a mixed picture. The 20-day SMA remains above the 50-day SMA, but the 50-day SMA is still below the 200-day SMA, a bearish “death cross” that formed in December 2025. The pattern suggests the stock is attempting to stabilize but has yet to confirm a longer-term trend reversal.

The 50-day SMA near $606 remains the first major resistance level. On the downside, $577 is an important support area. A break below that level could shift attention toward the stock’s March 52-week low.

Earnings In Focus

Meta is scheduled to report second-quarter results on July 29, 2026.

Wall Street expects earnings of $7.18 per share, up from $7.14 a year earlier, on revenue of $60.22 billion, compared with $47.52 billion in the prior-year quarter. The stock trades at about 21.6 times earnings.

Analysts remain broadly bullish. The consensus rating is Buy, with an average price forecast of $820.81. Recent forecast increases include Raymond James to $850, Wells Fargo to $835 and Rothschild & Co. to $1,000, all issued on July 21.

Benzinga Edge Rankings

Meta scores highly on Growth (88.99) and Quality (86.23) but ranks weak on Momentum (13.21). Its Value score of 52.60 suggests the shares are fairly valued relative to peers.

Strong fundamentals continue to support Meta, but weak price momentum is limiting its near-term performance.

ETF Exposure

Meta remains a major holding in several growth-focused exchange-traded funds, including the Capital Group Growth ETF (NYSE:CGGR), First Trust Dow Jones Internet Index Fund (NYSE:FDN) and Natixis Loomis Sayles Focused Growth ETF (NYSE:LSGR). As a large index component, fund inflows and outflows can influence demand for the stock.

META Stock Price Activity: Meta Platforms shares were up 0.36% at $595.99 during premarket trading on Tuesday, according to Benzinga Pro data.

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