Will This Move Finally Boost Facebook Shares?
Facebook first sold shares publicly in May, and by September the value of those shares had more than halved. Now, the stock is faring more favorably, at $27.71 a share on Wednesday, though still more than $10 less than the initial share price. Aiding in this resurgence is the release of 800 million shares that had been locked up since May.
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Some analysts are giving the stock a price target of $32 thanks to Facebook’s increasing ad revenue on its mobile platforms. Investors were initially skeptical about the large shift to mobile, but are now seeing potential. That price target may even see a bump as Facebook joins the ranks of Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT) in the Nasdaq 100 index.
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