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As Facebook turns 17, traders project where the stock heads next

As Facebook turns 17, traders project where the stock heads next

February 5, 2021: 17 years ago, the social network known as TheFacebook.com launched in a Harvard dorm.

For the past seventeen years, Facebook has 2.8 billion active users per month and over $750 billion in market cap, which makes it the sixth-largest company in the S&P 500.

But any governmental regulation could affect Facebook to keep on increasing, New Street Advisors’ Delano Saporu told CNBC’s “Trading Nation” on Thursday.

“As a social media platform, Facebook has done a good job because they have done M&A and inorganic growth,” Saporu said.

Facebook’s noted acquisitions like photo-sharing platform Instagram in April 2012, messaging texts app WhatsApp in February 2014, and reality company Oculus in March 2014.

“If you look at the top social media’s of 10 years ago and look at it now, that shift happened quickly and rapidly, and Facebook, as I mentioned, has been able to insulate based on mergers and acquisitions. So that’s one of the sticking points,” Saporu said.

Todd Gordon, the founder of TradingAnalysis.com, said Facebook is still the preeminent social network despite pressure from Washington and some high-profile incidents, including the Cambridge Analytica user data scandal in 2018.

“Facebook is the place to go for advertising,” Gordon added.

The charts also reveal stock’s performance to be strongly uptrend that should continue, according to Gordon.

“I love trend channels from the technical point of view,” he said. “We don’t see resistance until about $500. They’re continuing to grow revenues in the Covid-19 period as businesses are reopening their advertising budget. Revenues are growing, so I’m bullish.”

Facebook should rally up to 87% to reach Gordon’s resistance target. It closed Thursday at $266.49.

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