Facebook has had a rocky time with its stock price but the social network is becoming more optimistic. Facebook stock opened at $24.94 a share on Monday and is currently trading above $25, the highest trading level since July.
Multiple analysts are adding to the good news with projections of over $30 by Sunday night, December 2. Bernstein Research analysts Carlos Kirjner, believes the stock will reach as high as $33 by Sunday.
Carlos believes analysts are underestimating revenue growth potential and Facebook is still in the early stages of monetizing mobile.
From analyst Richard Greenfield:
“With Facebook’s payments revenue lever gone (thanks to Zynga’s collapse), we felt Facebook was pulling too hard on its “main” advertising revenue lever and that it would be difficult to notably ramp ads beyond the Q3 2012 ad load. While we still feel like we know “how this movie will end” from cluttering the user experience with ads, Facebook has accelerated ad units (and likely revenues) even further on mobile devices in recent weeks. In turn, we believe the company will significantly exceed Q4 2012 expectations.”
On November 14, a stock lockup expired which allowed 733 million employee shares to be sold. Prior to that lockup 234 million shares were eligible for trade. The end to the lockup has helped Facebook’s stock price increase from around $21 at the end of October.
You can follow Facebook stock pricing in real-time below:
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