Facebook (NASDAQ:FB) is trading down 1.64% at 336.51
When Facebook (NASDAQ:FB) began testing its new “Neighbourhoods” feature in Canada last October amid the COVID-19 pandemic, the tech giant described it as a dedicated place for people to connect with their local communities.
Here, in a corner of the world’s largest social network, people met neighbours, shared banana bread ingredients, helped locate missing cats and swapped local business recommendations, the feature’s product manager Reid Patton said in a recent interview.
But Facebook, which is rolling out the feature in four U.S. cities – Baton Rouge, Louisiana; Charlotte, North Carolina; Newark, New Jersey; and San Diego, California – is already playing catch-up in the red-hot market for local social apps. Community site Next-door has emerged as a key player along with Amazon (NASDAQ:AMZN) Ring’s Neighbours and crime-tracking app Citizen. Next-door, which saw usage surge during lockdowns, reported 50% annual growth in daily active users last year.
Facebook has in recent years focused on on-site communities that matter to its users as a tactic to drive engagement. The company, which made the vast majority of its almost $84.2 billion ad revenue last year from smaller businesses, many of whom court local users, also said users’ activity and information in Neighbourhoods may be used to personalize their experience and ads across Facebook.
Neighbourhoods’ users are prompted to introduce themselves, log interests and answer ice-breaker questions, like favourite DIY projects. People can take roles like “socializer” or “helper” and their profile information populates a directory that even identifies local pets by name, Patton said.
On technical fronts Facebook (NASDAQ:FB) RSI stood at 60.61 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Facebook (NASDAQ:FB) – BUY: 331.11, TARGET: 338.31, STOP LOSS : 326.45