Facebook's stock price tumble may finally be ending as the company managed to end the day in the green. Granted, stock price is still significantly below its IPO price, but things may finally be improving.
The price was helped by a general market trend, but several analysts are finally starting to upgrade their rating. Many had a "sell" rating for Facebook stock but are now recommending a "hold."
It's not much but it's an improvement. They say that at this price, in the medium term at least, prospects are looking good.
Facebook ended the day trading at $29.60, €23.90. Considering that it hit a low of $26.83, €21.66 on this very day, there seems to be some renewed interest in the company.
It remains to be seen whether it lasts, but it's unlikely that it's going to get close to the $38, €30.68 IPO day price any time soon, not to mention the $45, €36.34 high.