Facebook Inc (FB) announced on Monday the launch of a free-to-play cloud gaming feature on its social media platform, which will enable users to play games such as “WWE SuperCard” and “Asphalt 9: Legends” without the need to download them.
Facebook shares closed lower for the sixth time in the past ten trading sessions on NASDAQ on Monday. It has also been the steepest single-session loss since September 17th. The stock went down 2.70% ($7.68) to $277.11, after touching an intraday low at $274.31, or a price level not seen since October 20th ($262.89).
Shares of Facebook Inc have risen 35.01% so far in 2020 compared with a 5.27% gain for the benchmark index, S&P 500 (SPX).
In 2019, Facebook Inc’s stock went up 56.57%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.
Facebook’s gaming feature, whose scale cannot yet compare with that of premium cloud-based game streaming services such as Nvidia’s GeForce NOW, Google’s Stadia or Amazon’s Luna, will be available only to Android and web users for the time being.
“We’re not spinning off a separate cloud gaming service,” the social media company said in a blog post.
All cloud-streamed games will be available for play on Facebook’s gaming tab or News Feed.
Analyst stock price forecast and recommendation
According to CNN Money, the 44 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $300.00, with a high estimate of $340.00 and a low estimate of $195.00. The median estimate represents an 8.26% upside compared to the closing price of $277.11 on October 26th.
The same media also reported that at least 38 out of 49 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
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