Meta rises on report of settlement talks

Meta Platforms' META.O shares rose 1.5% to $578.8 in premarket trading on Wednesday after a Bloomberg News report that the company discussed settling a lawsuit with U.S. states over claims it designed its platforms to be addictive to young users.

The report comes during a federal trial over claims from 29 states that the company harmed young users and violated child privacy laws.

META's stock is down about 13.6% year to date, underperforming the Nasdaq's 12.5% rise.

It has an average analyst rating of "buy" among 65 brokers; the median price target is $750, according to data compiled by LSEG.