Although its stock price suffered a loss of almost 32 percent after its initial public offering (IPO), Facebook Inc. is making a comeback.
In the last two weeks, Facebook stock has gained back 22 percent and closed yesterday at $31.60, about $3 less than its initial public offering price on May 17.
Facebook recently announced that it would start to use real-time data from users to target hyper-local ads to them on mobile devices. Comscore Inc. also recently released a report that said the company's marketing and advertising tactics are working, according to Bloomberg.
Days after going public, Facebook drew criticism when Morgan Stanley, an intial investor in the company, downgraded the value of the stock because the bank thought Facebook would not be as competitive in the mobile advertising market.
Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co., the underwriters for Facebook's IPO, will release their first public reports on the company next week, according to Bloomberg.