Facebook Inc (FB) Stock Tops $45 In Midday Trading
Facebook Inc (NASDAQ:FB) has hit $45 per share in midday trading toady. This surpasses the company’s all-time high that they hit briefly on their IPO day over a year ago.
Facebook’s stock jumped due to optimism from investors in the social network’s ability to generate a lot of revenue on mobile devices.
Facebook beat their expectations in the most recent quarter and revealed that 41% of total ad revenue is from mobile ads.
There are reports that Facebook’s popular mobile photo social network, Instagram, will be introducing ads soon.
Facebook is also talking to advertisers about possibly setting up video ads.
The all-time low of Facebook Inc (NASDAQ:FB) stock was $17.55. This was on September 12, 2012.
Sterne Agee analyst Arvind Bhatia raised his price target for Facebook Inc (NASDAQ:FB) to $50 after citing the company’s continued strength in mobile along with potential revenue boosts from search, payment, and ads.