Facebook hits IPO price, then falls back

By Justin Lafferty Comment

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Looking at charts of Facebook stock value can look more like the diagram of a rollercoaster. For the first time since its initial public offering value of $38, Facebook hit a high of $38.24 Wednesday morning, then quickly dropped back down.

Facebook opened Thursday at $37.29.

Facebook’s positive outlook on Wall St. has been influenced by a strong second quarter earnings report, which showed growing advertising revenue.

Another Facebook executive took this opportunity to offload shares, as Chief Accounting Officer Jas Athwal sold 25,500 shares recently, netting $891,820, according to documents filed with the Securities and Exchange Commission. He still owns 152,029 shares of Facebook.

Image courtesy of Google.