Facebook’s stock drops

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Facebook’s stock has opened today by dropping by around 13% from its initial price of $38.23.

Early trading this morning (which is only just taking place in Wall Street) saw Facebook’s stock hit a low of $33 before climbing back up to $33.16.

There is apparently less demand for Facebook stock than expected, with some investors reportedly fearing that the social network’s stock was priced too high to start with. Those looking at the company in the long term are not worried about matters as they stand.

Wedbush analyst Michael Pachter said this morning that he expects the company to see its shares hit $44 in the next twelve months, echoing Sterne Agee analyst Arvind Bhatia’s statement earlier this month that predicted that Zuckerberg’s company would climb to $46 over the same time period.

Source: CNET

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