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The Facebook logo is seen on a screen inside at the Nasdaq Marekstsite in New York May 18, 2012.
Credit: Reuters/Shannon Stapleton
NEW YORK |
Mon Aug 20, 2012 12:33pm EDT
NEW YORK (Reuters) - Shares of Facebook (FB.O) edged up 2.3 percent to $19.48 on Monday after hitting a new low of $18.75, more than 50 percent below the price they were issued at three months ago.
The stock briefly traded at $19 late on Friday, 50 percent below its issue price of $38 on May 18. The stock has been hit by worries about the company's ability to grow revenue. Also, last week, some early investors were given the go ahead to sell for the first time since the social network company's initial public offering.
"It seems to be down around levels that people who didn't like the deal thought it was really worth. And now it seems to have stabilized," said Eric Kuby, chief investment officer, North Star Investment Management Corp. in Chicago.
It may have "found a level which seems more of a better price for people valuing the company in terms of the future," he said.
(Reporting By Caroline Valetkevitch; Editing by Chizu Nomiyama)
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