The stock of Facebook, Inc. (NASDAQ:FB) is now priced at $293.2 and the shares are -0.46 points down or -0.16% lower compared to its previous closing price of $293.66. The stock had 17.345 million contracts set over the past session. FB shares’ daily volume is compared to its average trading volume at 25.353 million shares. However, it has a float of 2390 million and although its performance was 8.04% over the week, it’s one to watch. Analysts have given the FB stock a yearly average price target of $284.24 per share. It means the stock’s downside potential is -3.06% with the FB share price recently placing at $291.55 to $296.88. However, some brokerage firms have priced the stock below the average, including one that has called $120.
The shorts are running away from the Facebook, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the FB shares have declined. Short interest in the stock represents just 0.98% of its float, but the volume has dropped by -2663084. The volume of shorted shares dropped to 23.344 million from 26.007 million shares over the last two weeks. The average intraday trading volume has been 26.809 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Facebook, Inc. (NASDAQ:FB) raised by $21.81 over the week and gained $41.24 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $304.67. The stock recorded its established 52-week high on 08/26/20.
Since 03/18/20, the stock has traded to a low of $137.1 at 113.86%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.26. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Facebook, Inc.’s two-week RSI is 71.19. This suggests that the stock is oversold at the moment and that FB shares’ price movement remains not stable. The stochastic readings are equally revealing at 76.68% meaning the FB share price is currently in oversold territory.
The technical chart shows that the FB stock will likely settle at between $296.2 and $299.21 per share. However, if the stock dips below $290.87, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $288.55.
Currently, the stock is trading in the green of MACD, with a reading of 11.71. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at UBS though raised target price of FB stock from $242 to $330 but maintained Buy recommendation in their August 25 review. Argus analysts see the stock as a Buy, but they also raised the share’s target price from $270 to $300 in a flash note released to investors on August 04. Wedbush analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on July 31, placing it at $300 from $250.
The average rating for the FB equity is 1.84 and is currently gathering a bullish momentum. Of 50 analysts tracking Facebook, Inc. polled by Reuters, 5 rated FB as a hold. The remaining 45 analysts were split evenly. However, the split wasn’t equal as a majority (43) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FB stock price is 28.88X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 35.8 below the group’s average of 44.1. Facebook, Inc. has its P/E ratio at 7.6, which means that the stock is currently trading at a premium relative to the 6.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Facebook, Inc. (NASDAQ:FB) will increase by about 5.37%, which will see them reach $19700 million. The company’s full-year revenues are, however, expected to increase by about 13.25%, up from $70700 million to $80100 million. FB’s expected adjusted earnings should drop almost -11.79% to end up at $1.87 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 24.42% to record $8/share.