Washington: Shares of social networking giant Facebook hit a new low after another investment firm cut the social media company’s target price, and the firm’s co-founder sold his shares.
BMO Capital Markets cut Facebook’s price target to USD 15, down from USD 25, saying that the “investor views of the company are lower.”
Facebook’s stock dropped 5.39 percent to USD 18.06 on Friday, less than half of its offer price of 38 dollars during its May IPO, ABC News reports.
According to the latest filing made by Facebook co-founder and Mark Zuckerberg's former Harvard roommate Dustin Moskovitz, he has sold over 1.35 million shares for proceeds of USD 26.2 million, at a stock price of USD 18.79 to USD 20.08, which have affected the social site’s share price in the stock market.
Earlier, Moskovitz had sold over 450,000 Facebook shares, earning himself a total of 8.7 million dollars.
Both Facebook and Moskovitz remained unavailable for comment.
First Published: Saturday, September 01, 2012, 19:13