Aug 20, 2012, 10.26 PM | Source: Reuters
USA-STOCKS-FACEBOOK:Facebook shares edge up after hitting new low
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 intial 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," sad 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)