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Zoom shareholders anticipate experiencing a new bull wave after the shares complete the current retracement.
Zoom Video Communications Inc (NASDAQ: ZM) stock jumped 3.34% on Wednesday to end the day trading at $415.04. Additionally, Zoom stocks have added approximately 0.35% during the after-hours trading session. The spike is attributed to New York City school closure that means the Zoom app might experience an uptick in customer demand. Being one of the most hard-hit American States, New York has taken stern precautionary measures to curb coronavirus spread through school going students.
The public school closure is expected to take place from Thursday, November 19.
The seven-day rolling average of positive COVID-19 tests has reached 3%. @NYCSchools buildings will be CLOSED starting tomorrow, Thursday, November 19. All learning will be done remotely. We’ll work hard to reopen buildings as soon as it’s safe for students, teachers and staff.
— NYC Mayor's Office (@NYCMayorsOffice) November 18, 2020
Consequently, the Zoom app, which is one of the most preferred platforms for remote learning, is expected to hit a new demand in the coming quarters.
Zoom shareholders anticipate experiencing a new bull wave after the shares complete the current retracement. Notably, zoom stocks have been on the winning side for the better part of the year.
According to the market data provided by MarketWatch, Zoom stock has gained 493.59% in the last one year. In addition, they have jumped approximately 509.99% and 42.78% in the last eleven months and three months respectively. However, Zoom stocks have dropped approximately 20.27% and 3.17% in the last one month and five days respectively.
Zoom has a market capitalization of around $114.23 billion with 182.11 million outstanding shares. Notably, zoom stock has ranged between $62.02 and $588.84 in the past 52 weeks. Having been rated 31 times, Zoom stocks received an average of Over rating.
Zoom Future Prospects with Growing Demand for Its App
As society gets to adapt to coronavirus disruption before any viable vaccine is approved by different government agencies, Zoom services will play a critical role. Global coronavirus reported cases stands at 56,620,170 with 1,355,875 fatalities and 39,415,064 recovered patients.
At the height of Zoom popularity, the company anticipates launching new apps during its virtual Zoomtopia user conference held this week. News outlet TechCrunch reported that Zoom will launch its OnZoom events platform and marketplace into general availability. The company’s Zapps will onboard different applications from over 35 of its launch partners.
“Zapps help surface all the applications you need to be productive and enable the free flow of information between teams before, during, and after the meeting,” the company explained. “Think of Zapps as an app store right where you need it most – in a Zoom meeting, chat, webinar, phone call, and even your contacts directory.”
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