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Facebook Stocks Finally Hit IPO Price of $38

Jul 31 2013, 12:17pm CDT | by , in News | Misc

Facebook Stocks Finally Hit IPO Price of $38
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Facebook is going places. The gigantic social network has seen its stocks hit the $38 IPO price for the first time after 14 months of its debut in May 2012. This has erased previous cynicism regarding its capabilities and ambitions once and for all.

Facebook’s stocks have reached to a hair breadth of reclaiming their debut price of $38 per share. Facebook share open at $38.22 today which is 1.52% up from Tuesday's $37.63/share closing price. This is the first time since 2012 that company stocks reach or go above IPO. It is a sign of optimism and is a stimulus to the creativity of Mark Zuckerberg.

Stocks have risen by 40% since the past week or so. Showing a 7% increase in shares just last Tuesday, the social network definitely has got it made. With a 1.15 billion consumer base spread all over the surface of the planet, Facebook was up until now facing dire straits. From sluggish incoming profits to insider trade that was hurting its figures, Facebook needed a guardian angel to see it through. Wall Street even made a few jokes at the expense of Facebook.

However, Facebook has proven to be the exception to the rule. Not only has it risen back to the top but it has shown a high degree of resilience along the way. The options volume was 3.8 times the contemporary daily average. Traders on the floor sure had their hands full thanks to none other than Facebook.

Its latest thing with the mobile advertising may see it go to even greater heights. The social giant is also planning to sale TV-style ads for $2.5 per day. This will also boost its revenues. The game plan has just undergone some crucial changes and Facebook finds itself back in charge. What began with a solitary individual connecting with social acquaintances has expanded into a multibillion dollar global enterprise that is finally paying off big time.

Source: Techcrunch

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