Shares of Facebook are down again Friday, hitting a new all-time low after BMO Capital Markets cut its price target on the social networking company.
Facebook stock price was lately down 4.4 percent at $18.25. The social network’s share price hit a new low of $18.19 Friday, and is down 52 percent from its May 18 initial offering price of $38.
BMO Capital Markets noted that several lock-up expirations over the next year will weigh on Facebook’s stock price. BMO cut its price target by $10 to $15, and said Wall Street sentiment on Facebook is now much worse than advertiser sentiment.
"We expect investor attention to return to fundamentals after the technical challenges presented by lock-up expirations over the next six months have been absorbed by the stock," BMO analysts said in a research note.
Shares of game publisher Zynga, which derives most of its revenue from Facebook, slid 2 percent to just under $3 amid reports that executives Bill Mooney and Brian Birtwistle have left the company amid slowing sales and a weakening stock price.
Reuters contributed to this report.
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