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Stock Market

Facebook share price is worth over $300, reaching an all-time high

The Facebook stock has been showing some upside as the company, diversified its portfolio to include e-commerce.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Facebook Inc’s share price broke the $300 mark for the first time ever on Wednesday, sending shares higher by 8.2%.

This comes as stock analysts praised the company’s new shopping section which is projected to become a strong contender in the e-commerce space, with strong growth potential for the social media giant.

The Facebook stock has been showing some upside after the company diversified its portfolio to include e-commerce, which will most likely attract users, and increase time retention spent on the social platform.

READ: JTB is going after this pension provision that is commonly used to avoid tax

In addition, breaking the $305.00 price level is the expected short-term upside target, if prevailing macros are maintained.

The daily time frame shows that the stock had broken the inverted head-and-shoulders pattern. It is, therefore, projected that the stock is most likely to stay above its $280 price support before a medium-term technical correction occurs.

Stock traders are likely to increase buying pressures on the stock if it plunges as low as $250.00 in anticipation of more upside

READ: Jeff Bezos becomes first person to cross $200 billion net worth, as Zuckerberg crosses $100 billion

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The stock closed at a record $303.91, rising for a third straight day. JMP Securities, which rates Facebook at a buy-equivalent rating of market outperform with a price target of $305, said there are “multiple catalysts” for Facebook, and e-commerce “can be a significant opportunity.” There is “a clear line of sight to monetizing” the new section, dubbed Facebook Shop, according to analyst Ronald Josey in a note to Bloomberg News.

About Facebook Company

Facebook, Inc. is an American social media conglomerate corporation based in Menlo Park, California. It is one of the world’s most valuable companies, and considered one of the Big Five technology companies along with Microsoft, Amazon, Apple, and Google.

READ: Sit-at-home entertainment: What Nigerians spend on DStv, Startimes and online streaming platforms

Facebook offers other products and services beyond its social networking portal including Facebook Messenger, Facebook Watch, and Facebook Portal. It has also acquired WhatsApp, Instagram, Giphy, Oculus VR, and Mapillary, and has a 9.9% stake in Jio Platforms.

Stanbic 728 x 90

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Billionaire Watch

Google founders earn $42 billion in 100 days

Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.

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Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.

Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.

The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.

Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.

Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.

Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.

Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.

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Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.

The company currently has a market value of about $1.54 trillion.

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Markets

Japaul Gold records 40% surge in a week raising its capitalization by N1.38 billion

Shares of the rebranded company surged by a whopping 40%, in the first active trading week in the month of April.

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Japaul Gold took the market by surprise in the first active trading week in the month of April, as the shares of the rebranded company surged by a whopping 40%, to lift the company’s capitalization by about N1.38 billion.

The recent move which led to the N1.38 billion increase in Japaul Gold’s market value can be attributed to the actions of bargain hunters and value investors.

These investors, during the week, seized the company’s relatively low price to accumulate additional stakes in the company, in a bid to capitalize on the upward swing in the price of the company’s shares.

Data tracked from the close of the market on the 1st of April to the close of trading activities on the exchange yesterday revealed that the shares of Japaul Gold and Ventures Plc surged by 40% from N0.41 to N0.63.

This suggests that the share price of the gold exploration company surged by 40% in just four trading sessions on the NSE this week. In line with this, the market capitalization of Japaul Gold increased from N2.57 billion to N3.95 billion, representing a N1.38 billion gain during the week.

In case you missed it: Prior to the recent move to N0.63 per share at the close of the market yesterday, the shares of Japaul Gold bottomed at N0.41 on the 31st of March 2021, after printing a record high of N1.67 per share on the 18th of January, 2021.

What you should know

  • Nairametrics reported on Wednesday that shares in Japaul Gold and Ventures Plc surged by 29.3% in three trading sessions on the NSE, lifting the company’s capitalization by N752 million.
  • The shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 this year.
  • At the current price, shares of Japaul Gold are trading at 1.61% higher than what the company’s shares sold for at the close of trading on the 31st of December 2021.

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