Facebook shares hit new low
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 15 dollars, down from 25 dollars, saying that the “investor views of the company are lower.”
Facebook’s stock dropped 5.39 percent to 18.06 dollars 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 26.2 million dollars, at a stock price of 18.79 to 20.08 dollars, 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.
More from India
More from World
More from Sports
More from Entertaiment
- Watch - Huge fire breaks out at petrol pump in Kota, Rajasthan
- Bihar: Congress leader Brajesh Pandey accused of running sex racket
- BJP MP Yogi Adityanath compares Akhilesh Yadav with 'Aurangzeb' and 'Kans'
- Acrimonious remarks of political leaders during UP elections
- Have political parties diverted from development agenda in UP elections?
- Reliance Jio's tariff plan from April 1; voice calls, roaming to be free: Mukesh Ambani
- Virat Kohli thanks sprint legend Usain Bolt for congratulating him on 'record' Puma deal
- BMC exit poll: BJP predicted to score big in neck-and-neck battle with Shiv Sena
- IPL 2017 Auction: Reaction-filled Twitter erupts with emotions!
- Reliance Jio Prime Membership at Rs 99: All you need to know about the plan