How Are Options Traders Playing the META Pullback?

Core Viewpoint - Meta Platforms Inc. (NASDAQ:META) is experiencing a decline in stock price, currently at $571.76, following a price target reduction by Jefferies from $810 to $725, and is on track for its worst monthly performance since October 2022 [1] Stock Performance - The stock is down 0.9% today and has seen significant losses from earlier gains [1] - Analysts remain bullish despite the recent downturn, with 47 out of 53 brokerages maintaining a "buy" or better rating [5] - The consensus 12-month price target for META is $748.99, indicating a 31.5% premium over the current price [5] - Year-over-year, the stock is up 17.2% [5] Options Trading Activity - META has been popular among options traders, ranking among the highest in options volume over the past 10 days, with over 3 million calls and 2 million puts exchanged [2] - The majority of options activity was concentrated on the March 600 call, which expired two weeks ago [2] Options Volume Comparison - META's total options volume over the past 10 days is 5,101,366, with 3,089,752 calls and 2,011,614 puts [3]