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Facebook's favor
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Stock
Facebook
(ticker: FB) appeared on Wednesday when the leading short seller Andrew Left said this was "time to support sleigh" and bought shares which he said rose by about 25%.
Social media giant shares rose 6.5%, to $ 132.09 on the day when the main US index rose 2% to 3%. Facebook stock fell 26% in 2018, more than twice the decline in the S & P 500.
Left, from Citron Research, has the talent to make shares move when he publishes and tweets; sometimes, they move dramatically.
Barron recently covered the latest twist in his book
Twitter
(TWTR) saga. He went negative on stocks earlier this month, pushing stocks down, after earlier issuing optimistic reports in August.
In August, Left reversed a bearish call on Tesla (TSLA) as the company prepared to report third quarter results.
In Wednesday's Facebook call, the Left issued a target price of $ 160 for the stock – still lower than the average Wall Street Factset analyst near $ 190 – and suggested that the company was considered unfair as "evil." handling consumer data by the company.
"Because investors are becoming too worried about the short-term noise of privacy and propaganda, they forget to look at the power of revenue and the potential of the most sophisticated advertising tools with global reach in messaging, networking, and the future of shopping," Left.
The previous left is Facebook short. In June 2016, with Facebook shares trading around $ 115, he reminded investors about competition from Snapchat (SNAP) and the overall decline in the use of social media. Facebook shares peaked at $ 218 in July this year. They have fallen 40%.
Kiri confirms a long position on Facebook for Barron on Wednesday but refused to specify the size, time or price of the purchase.
David Marino-Nachison's email at [email protected] Follow him on @marinonachison and follow Barron's Next on @barronsnext.
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