Twitter’s stock price reportedly declined by 4 percent and fell to a new low of 39 dollars-a-share at the beginning of this week.
The microblogging site had gone public at 45.10 dollars-a-share on its first day of trading more than two weeks ago and the stock had hit 50 dollars high on the first day.
However, the stock price had mostly been between 40-45 dollars-a-share, but the latest decline is the steepest till now, Mashable reports.
According to the report, several analysts downgraded Twitter after the stock nearly doubled from its more modest IPO price of 26 dollars-a-share.
In one of the most-anticipated public debuts after Facebook’s, analysts opined that Twitter’s stock is ‘too expensive’ and had set price targets in the low 30 dollar range.
The company hasn’t seen much profit since inception, and doesn’t project to report one until 2015 at the earliest.
Bloomberg recently surveyed investors and found that two-thirds think Twitter’s stock price will decline over the next six months, the report added. (ANI)