Facebook Stock Rises on Libra Cryptocurrency Buzz

The equity is up over 36% year-over-year

Deputy Editor

Nov 27, 2020 at 10:41 AM

Facebook, Inc. (FB) is in the spotlight today, after a report from the Financial Times said the social media giant could launch its proposed Libra cryptocurrency in a "limited format" as soon as January. The Libra Association includes Lyft (LYFT), Uber (UBER), and Spotify (SPOT), and the single digital coin would be backed by the dollar. At last check, FB is up 1% at $278.22.

For most of November, Facebook stock has struggled with a ceiling at the $280 level, though the security's 100-day moving average has been consistently containing any pullbacks since late September. Year-over-year, the equity is up 36.6%.

The brokerage bunch is bullish on FB, with 30 of the 32 analysts in coverage sporting a "buy" or better rating. Meanwhile, the 12-month consensus price target of $314.96 is a 13.7% premium to current levels.

Lastly, now looks like an ideal time to weigh in on Facebook stock's next move with options. The security's Schaeffer's Volatility Index (SVI) of 32% sits in the low 17th percentile of its annual range. In other words, FB sports attractively priced premiums at the moment.

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