The Q3 results from Meta (or formerly Facebook) failed to satisfy the investors. As a result, the once famed social media giant stock is now at a 7-year low and has already lost most of its market capitalization. To say that Meta is a sinking ship wouldn't be wrong at all. And Mark Zuckerberg's solution to all of it is the futuristic Metaverse which can bring the company back to its highs!
Recently, Mark has also introduced a new feature to Messenger and WhatsApp. The new feature has been rolled out in several countries such as the UK, Indonesia, Colombia, and Mexica. The users from these countries can browse various businesses on the WhatsApp application by category, such as banking, travel, etc.
According to available information, Zuckerberg is also working towards introducing a payment method on WhatsApp. With the introduction of these two features, WhatsApp could transform from a mere messaging and video-calling app to a business hub.
Despite the developments happening on the ground, the Meta stock listed on the NASDAQ exchange continues to suffer from heavy selling by the investors.
If we look at the technical charts, it becomes clear that sellers are dominating the Meta stock. In fact, more sellers emerge at each recent high which tells us that bulls are failing to start a full fledged bullish trend.
Last month, Meta announced the result of last quarter which not what the market was expecting. As a result, the already cheap stock of Meta went even lower and touched new lows! On November, Meta stock touched the price point of $88.09 which was a 7-years low for the company.
Looking ahead, it seems that bears have the capacity to even drag the price lower than $88. On the flip side, the Meta stock is now already very cheap and it could spark the interest of some big investors with the ability to push the prices higher.