Following 14 years of shaping the incredible growth of Meta Platforms (FB:NASDAQ), Sheryl Sandberg has stepped down from her role as Chief Operating Officer. The resignation comes at a turbulent time for the social media company as they continue to struggle with the fallout from leaked reports on the societal harm caused by apps like Facebook and Instagram. Javier Olivan will transition from Chief Growth Officer to Chief Operating Officer after advancing the company's global expansion from the background since 2007.
Meta’s stock price has fallen 50% since posting a record high back in August as growth stocks took a hit amid inflation concerns that have since become reality.
News of the resignation increased Meta's media coverage by 359% overnight with a stock price decline of 2.58% to 188.64 on Thursday morning. The Technical summary score remains bearish across both short and long-term timeframes as the stock underperformed the NASDAQ 100.
Technical Insight’s Summary Score indicates bearish evidence across both short and long-terms.
The most recent Technical View analysis observes a bearish daily trend with a target price of 194.40 USD and a pivot point at 185.54USD. Often used as a stop loss level, the pivot indicates the point where the bearish trend has been reversed, with a new target price of 199.90USD.
The coverage on Thursday, Jun 2, 2022 exceeded the previous week’s media coverage by 359% with “executive resignation” and “executive appointment” being amongst the top trending topics contributing to the spike.
Trading Central’s proprietary natural language processing identified a lightly negative sentiment with high confidence and low subjectivity.
