Just when it seemed as if news could not get any worse for Facebook’s Wall Street standing, the value of the company’s shares dipped Friday to less than half of its $38 opening price. The company’s stock opened at a slipped-down price today from pre-market trading and has continued its downward slope to a share price of just over $18.
Tweets or Facebook status updates didn’t beat down the price; but rather, in this case, likely a downer report that was released by BMO Capital Markets brokerage, which sliced the ideal stock price from $25 to $15, projected Business Insider. This is a whopping 60 percent decline from the opening price of $38 on May 18.
Bank of America Merrill Lynch also reportedly lowered its target price from $43 to $23, according to Reuters. The stock opened at $18.68 Thursday, and showed a day change of –4.39 percent to close at $18.25. The 52-week range for Facebook stock spans as low as $18.22 to as high as $45.
The next big date for investors is Oct. 15, when Facebook directors and employees other than Co-Founder and CEO Mark Zuckerberg can sell their stock. On Nov. 14, Zuckerberg, as well as more venture capitalists and insiders, will be able to sell.
Readers: Do you think the price for Facebook stock has fallen low enough to buy, or will it continue to decline?
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