The stock market is a fickle beast. Although it’s been shown time and again to be a questionable measure of a company’s worth, there’s still this idea out there that a company is only as good as its stock price performance. Look at Facebook. In the past six months or so, it’s gone from a new tech giant with a twelve-figure valuation to one of the worst IPOs in memory.
And now, Facebook is facing a kind of redemption. It’s not an expensive joke anymore, it’s a company that has a bright future again. Or that’s how things seem if you look at its stock price. In the past three weeks, Facebook shares have risen from a low point of $19 to $28, a rise of 46 percent. Moreover, the rally has been a steady one, gaining for 11 of the last 12 trading days.