Meta share has been at its lowest level since April 2020.
While today all tech and giant stocks rose to save Wall Street, Meta lost another 4% to test the lowest price since April 2020.
After a long weekend when the market started the new week on Tuesday, Energy and tech stocks gained to help the overall market sentiment. Dow Jones Industrial Average with energy stocks gained 2.2%, while tech stock helped the NASDAQ with a 2.5% increase. SP500 also gained 2.5%.
The Energy group increased 5% on average with a 6% jump in ExxonMobil, while Tesla gained more than 10% with unfortunate news. Tesla chief executive Elon Musk announced his plan to lay off about 10% of the electric vehicle maker's salaried staff.
Tech stocks, also as mentioned earlier, played well today. All big names except Facebook increased. Google (Alphabet Inc.) increased by 4%. AMD, Apple, Amazon, and Microsoft gained between 2.4% and 4%.
Despite all gains among tech stocks, and while FB could settle a lawsuit over housing advertisement with a penalty, that could be a piece of positive news and helped the share price, but it did not happen. FB, in an announcement, said: "Discrimination in housing, employment, and credit is a deep-rooted problem with a long history in the US, and we are committed to broadening opportunities for marginalized communities in these spaces and others,"
Meta (FB) stock has crashed more than 60% from the 2021 peak. For both users and advertisers, the latest lawsuits, on the one hand, and doubt about Facebook's dominance of social media, cause concern.
Meta's Horizon Worlds, with incredible growth since its launch - the platform surpassed 300,000 users in February - can change investors' mindset about the stock. However, there are still too many questions about returns for investors over the long haul. Perhaps these worries about the future caused Facebook to change its name to Meta and invest heavily in this area. But despite these concerns, on TipRanks, FB scores a 7 out of 10 on the Smart Score spectrum, which indicates a potential for the stock to perform much better in the future.
Technically we are in a clear downtrend, especially under $160. Since technically it is strong support and the future is lighter than being darker, FB stock at this level can be a good buy option.