Facebook Incs positive second-quarter results sent the companys shares to a new all-time high during yesterdays trade, which added over $27 billion to its market capitalization.
Facebook shares closed higher for a second consecutive trading session on Thursday. It has also been the steepest daily surge since November 21st 2016. The stock went up 2.92% ($4.83) to $170.44, after touching an intraday high at $175.38 and also a fresh all-time high. In the week ended on July 23rd the shares of the social media company added 2.79% to their market value compared to a week ago, which marked a third consecutive period of gains. The stock has extended its advance to 12.89% so far during the current month, following a 0.32% dip in June. The latter has been the first retreat out of six months. For the entire past year, the shares of the NASDAQ-listed company gained 9.93%.
The social networks second-quarter earnings registered a 71% increase, as mobile advertising sales climbed 50%, which quashed investor concerns that growth of Facebooks advertising revenue might be reaching a peak.
Advertising sales soared 47% during the quarter ended on June 30th, following a 51% surge during the prior three-month period.
Facebooks total advertising revenue was reported to have reached $9.16 billion during the latest quarter, with 87% of which being accounted for by mobile advertising.
The company has been moving towards revenue stream diversification lately, with its investment efforts being focused on video and TV-style programming. According to CEO Mark Zuckerberg video could become the primary driving force behind Facebooks revenue during the upcoming years.
Meanwhile, Wedbush was one among at least eleven brokerages, which had revised up their price targets for Facebooks stock. Wedbushs target now stands at $225 a share.
“The strength of Facebooks mind-boggling results continued to be a testament to the platforms massive user base and unparalleled targeting abilities”, Michael Nathanson, an analyst at MoffettNathanson Research, was quoted as saying by Reuters.
According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $174.57, with a high estimate of $192.00 and a low estimate of $98.00. The median estimate is a 2.43% surge compared to the closing price of $170.44 on July 27th.
The same media also reported that 36 out of 44 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 4 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Facebook stock are presented as follows:
R1 – $171.16
R2 – $171.88
R3 (Range Resistance – Sell) – $172.61
R4 (Long Breakout) – $174.77
R5 (Breakout Target 1) – $177.31
R6 (Breakout Target 2) – $178.46
S1 – $169.72
S2 – $169.00
S3 (Range Support – Buy) – $168.27
S4 (Short Breakout) – $166.11
S5 (Breakout Target 1) – $163.57
S6 (Breakout Target 2) – $162.42
By using the traditional method of calculation, the weekly levels of importance for Facebook Inc (FB) are presented as follows:
Central Pivot Point – $162.98
R1 – $167.15
R2 – $169.87
R3 – $174.04
R4 – $178.21
S1 – $160.26
S2 – $156.09
S3 – $153.37
S4 – $150.65