Meta depreciates 1.31% with $293.28 as the low of the day
- Daily trading volume (20.77 million shares) was slightly greater than the current multiday average of 18.46 million.
- Facebook has dropped $5.4 over the past 3 days; yesterday's session continued this downtrend.
As market participants brought yesterday's session to a close, Nasdaq dropped by 1.82% to close at 13,224. S&P 500 dips 1.64% before ending the session at 4,330.
Facebook closed lower yesterday, with similar drops noticed throughout the Communication Services sector (down 0.595%).
Meta hit a significant low of $88.91 around 10 months ago, but has since recovered 237.05%.
The Nasdaq has been doing worse in 2023, passing it by 84.11%.
Currently, the social media colossus has a market capitalization of $760.96 billion
daily trading volume (20.77 million shares) increased, making up 113% of the 21-day average (18.46 million).
$32.00 billion was Meta's last reported revenue with $3.23 being the current EPS.
Meta manages to remain at a rating of 'Buy'.
When analyzing Meta's indicators, the one that stands out as most significant is the company's Price-To-Earnings ratio (PE) with 34.19. It is important to keep in mind that it has been on a downtrend recently, has suffered a drop from the previous report of 17.06 , and is still below the competition average. The Price-To-Earnings ratio is the ratio of a company's share price to its earnings per share. This helps investors and analysts find out whether a company is over or undervalued. Return on equity worsened from its previous value of 19% to 17%, yet remains above its peer competition average.
Though some indicators look better than others in comparison to previous reports, Facebook's overall fundamentals remain slightly below the industry average.
Despite being in the red so far in the current trading session, Meta Platforms peaked above its 21 day Simple Moving Average around $298.06 -- typically an early indicator of a new bullish trend beginning to emerge. Meta's lower Bollinger Band® is at $287.74, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Meta could begin to recover as it approaches significant support, now $3.15 away from $292.58. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Meta —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
It's worth noting that Jennifer Newstead, Chief Legal Officer of Meta, sold 670 shares for $302.48 Tuesday (transaction value of $202,662).
REGION: United States ASSET: Facebook (META) PREV. OPEN: $295.7 PREV. CLOSE: $295.73 PRE-MARKET: $295.18 TIME TO OPEN: 7 hours
