Big mutual-fund managers, led by Fidelity Investments, continued to shed Facebook shares in July as the social-networking company’s stock headed toward a new low.
Do the moves signal a buying opportunity for bargain hunters?
Not just yet, say some financial experts, who argue the funds’ actions are just the latest sign that Facebook’s stock hasn’t yet hit bottom.
Facebook has a market valuation of about $41 billion, or, including restricted stock units and options, about $52 billion. That is down from $104 billion at the time of its May 18 initial public offering. Shares closed at a new low of $17.73 on Tuesday and finished Friday at $18.98, down about 50% from the company’s IPO price of $38.An Early Supporter
Read also:
Facebook's dismal IPO emboldens reformers (Financial Times)
Facebook Investors Know Exactly Whom to Blame (Bloomberg)
Mark Cuban: I know who's to blame for Facebook fiasco (InvestmentNews)
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