Is it time to buy Facebook shares as it hires 10,000 for the Metaverse project?
- Facebook edged higher by 1.53% on Monday after announcing hiring plans for the Metaverse project.
- The company is planning to employ over 10,000 engineers across the EU over the next five years.
- Zuckerberg described Metaverse as an embodied internet and a major driver of new technology investment.
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On Monday, Facebook Inc. (NASDAQ:FB) shares surged 1.53% after announcing major plans for its Metaverse project. The company is planning to hire more than 10,000 high-skilled engineers across the European Union over the next five years.
The company calls the process one of its most pressing priorities and will prioritise applicants from Germany, France, Italy, Spain, Poland, the Netherlands and Ireland. Facebook co-founder, chairman, and CEO Mark Zuckerberg describes Metaverse as an embodied internet that will be a major driver of technology investment.
The company is working to bring to life its promise of an immersive and shared physical world through mobile devices.
Could it be time to buy FB shares?
From an investment perspective, Facebook shares have plunged by more than 13% since the 7th of September. However, the stock is still up more than 22% this year pushing its P/E ratio of about 24.45. On the other hand, the company’s forward P/E ratio of 20.23 could persuade value investors to buy.
Moreover, analysts expect Facebook’s earnings per share to grow by 57% this year, before rising at an average annual rate of 28.60% over the next five years, making it an attractive option for growth investors.
Technically, Facebook shares seem to have plummeted to trade closer to the oversold conditions of the 14-day RSI. However, the stock appears to be attempting a rebound, surging towards the trendline resistance of the descending channel formation.
Therefore, investors could target potential breakout profits at about $355.13, or higher at $380.81, while $302.51 and $276.52 are crucial support zones.
Facebook rebound to continue?
In summary, Facebook shares appear to have plummeted since the 7th of September, creating a perfect opportunity for a rebound.
Moreover, the stock offers exciting growth prospects at compelling valuation multiples making it a lucrative opportunity for both growth and value investors. Therefore, it could be time to invest in FB shares.
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