Facebook has limped into its second week of public trading.
Facebook opened down 2.8 percent, or $26.9 on Monday, and it hit a new all-time low of $26.4 some four hours into the trading day. However, even at $27 the company’s market cap was a few million short of $58 billion, while P/E hovered around the 68 mark.
Although it seemed the stock price stabilised last week in the high twenties, it seems as if Facebook just can’t get a break. Bernstein revised its price target for Facebook and it now stands at $25, the lowest on Wall Street and apparently the most realistic, or least insane.
Eventually FB closed at $26.85, a 3.13 percent drop over Friday.
It is worth noting that volumes were rather low, peaking at about 500k shares in at $27.7 in late trading.