Facebook parent drops FB symbol, to trade under META ticker from June 9

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 Facebook parent drops FB symbol, to trade under META ticker from June 9
Image source: © Michaelvi | Megapixl.com
Highlights:
  • Meta Platforms Inc. will adopt a new ticker symbol META before the market opens on June 9, 2022.
  • Formerly known as Facebook, it changed its name to Meta Platforms Inc. in 2021.
  • Meta shares shrunk by more than one-third in value, underperforming the Nasdaq composite since the rebranding.

Meta Platforms Inc., formerly Facebook, is finally going for a new ticker symbol META starting June 9. 

Its current ticker symbol is FB, and it will now adopt the new ticker symbol META before the market opens on June 9, the social media behemoth announced on Tuesday. Meta shares will continue to do trading on Nasdaq.

Facebook changed its name to Meta Platforms Inc. in 2021. However, Meta continued with its original ticker FB even after the rebranding.

The company justifies the changing of the name by highlighting its potential in the metaverse, which symbolizes the digital world where people exist in immersive, virtual, and shared spaces.  

Meta Platforms Inc.’s Chief Executive Mark Zuckerberg said that in due course the organization will be known as a metaverse company.

Also Read: Facebook (FB) misses Q3 revenue estimates, profit up 17% 

Facebook parent drops FB symbol, to trade under META ticker from June 9© Rafaelhenriquepress | Megapixl.com

Also Read: Meta (FB) lost US$200 billion in market value after results

Meta shares shed one-third of their valuation since name change

Since the time the company changed its name to Meta, its shares have shrunk more than one-third, underperforming the Nasdaq composite, which has dropped one-fifth of its value over the same period.

Meta has a market cap of US$530 billion, a P/E ratio of 14.61, and a forward one-year P/E ratio of 16.69. Its EPS is US$13.22.

The 52-week highest and lowest stock prices were US$384.33 and US$169.00, respectively. Its trading volume was 26,131,100 on May 31.

Meta went public in May 2012. The company operates Facebook, Instagram, WhatsApp, and other products. It is one of the top 10 companies in the S&P 500 by market value.

Bottom line:

Despite a name change, some companies have retained their original ticker symbols. One of the most glaring examples is Google parent Alphabet Inc. Google created Alphabet as its parent company in 2015. However, the company still does trading under the GOOG and GOOGL ticker symbols.

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