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Insider trading alert: Mark Zuckerberg dumps $17 million of Meta shares

Insider trading alert: Mark Zuckerberg dumps $17 million of Meta shares

The surveillance of insider trading activity in major corporations is a major point for both analysts and investors, as it provides valuable insights into a company’s future prospects.

Such transactions often serve as significant indicators of executives’ confidence or apprehension, delivering essential signals to participants in the stock market.

Indeed, Meta Platforms (NASDAQ: META) CEO Mark Zuckerberg sold more than $17 million worth of the company’s shares on November 2, according to Barchart data. The total number of shares sold in this transaction was 53,018. 

Mark Zuckerberg sold 56,018 META shares worth over $17 million on November 2. Source: Barchart

The move came roughly a week after Meta reported its better-than-expected Q3 2023 financial results, which beat Wall Street’s expectations on top and bottom lines. 

The stock initially fell to around $288 per share after the report, before rebounding to about $310 on November 2 – when Zuckerberg made the sale. 

The last time the billionaire sold META’s shares was November 8, 2021. 

The stock plunged 60% in the year after the sale, and Zuckerberg did not sell any more of his company’s stock before it re-embarked on an upward trajectory. 

META chart analysis

At press time on November 7, shares of the Facebook owner were trading at $315.80, up 0.38% in the past 24 hours. Across the five trading days, META gained more than 4%, while its monthly performance stands at negative 0.8%.

From the perspective of technical analysis (TA), the stock sits above near-term support of around $312, followed by another significant support level at $301.96, where the 100-day moving average (MA) is located. Falling below this level would put Meta’s shares at risk of falling toward $275.

On the upside, META faces resistance lines at $318.5 and $330, indicating areas where selling pressure may increase.

Moreover, the stock currently occupies the upper end of its 52-week trading range and is trading above all key moving averages. 

Driven by the ongoing artificial intelligence (AI) boom, it soared more than 150% since the start of the year, substantially outperforming the broader S&P 500 index

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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