Up Almost 300% So Far This Week, Is It Too Late to Buy BuzzFeed Stock?
Shares of BuzzFeed (NASDAQ: BZFD) are having a sensational week. As of 2:15 p.m. ET on Friday, shares of the digital media company were up 278% for the week, and had been up as much as 352% for the week earlier in the trading session on Friday, according to data provided by S&P Global Market Intelligence.
While these returns are for the week, BuzzFeed stock has really gained all of this in just the last two days. And that's because a partnership with Meta Platforms was announced yesterday.
The market had extremely low expectations for BuzzFeed. The company went public in 2021 via a special purpose acquisition company (SPAC). And like most SPAC stocks, management put forth ambitious projections that it didn't hit. For example, in BuzzFeed's SPAC presentation, management said it would do $654 million in revenue in 2022 with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $117 million -- an impressive 18% profit margin.
Source Fool.com
