Solid News

Meta Platforms Inc. Still No Prospects for Stock Growth

10/31/2022 2:13 PM

The stocks of Meta Platforms Inc., an American multinational holding company that owns a technology conglomerate and the largest social network Facebook, continue to trade in a downward trend and are around the 100.00 mark.

It became known that the chief executive officer of Meta Platforms Inc. Mark Zuckerberg was subpoenaed to testify in the case of the purchase of virtual content producer Within Unlimited Inc. The US Federal Trade Commission believes that this agreement violates the rules of antitrust law and should be blocked. The agreement of both parties to the deal was received in the summer of 2021, but the proceedings are still ongoing.

The main disappointment for investors was the company's reporting, which was published on Thursday. Thus, 27.71B dollars in revenue was recorded, which is lower than 28.82B dollars a quarter earlier, and earnings per share amounted to only 1.64 dollars, which is the worst indicator since 2019, inferior to both 1.93 dollars predicted by analysts and 2.46 dollars a quarter earlier. 

In general, given the fact that Meta Platforms Inc. does not pay dividends, the investment attractiveness of the shares is almost nonexistent, and there are no reasons for the growth of the shares at the moment. 

The instrument is trading in a global downtrend, approaching the support line of the descending channel.

Technical indicators continue to hold a stable sell signal: the fast EMAs of the alligator indicator are below the signal line, and the histogram of the AO oscillator, being in the sales zone, forms descending bars. 

Support levels: 95.00, 75.00. | Resistance levels: 106.00, 130.00.

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