Technology - Main

Twitter shares touch new high, sail past $52

11 Dec 2013 - {{hitsCtrl.values.hits}}

Investors piled into Twitter Inc for the second straight day, lifting its shares to more than $52 and setting a new intraday high on Tuesday even in the absence of any significant announcements from the social media debutante.

Shares of Twitter were up 6 percent to $52.20 on Tuesday afternoon after a frenzied trading session on Monday, when Twitter closed up nearly 10 percent, its biggest gain ever.

Since the loss-making San Francisco-based firm held its closely watched initial public offering last month, its fans on Wall Street have strained to reinforce the bull case for a stock priced at increasingly inflated multiples compared to social media peers like Facebook Inc and LinkedIn Corp.

Twitter has released a spate of management news and product updates since its IPO, but some announcements, such as the official roll-out of a lucrative, cookie-based ad targeting technology called "targeted audiences," have been preceded for months by prior announcements.

In a research note on Friday, Evercore analyst Ken Sena said "targeted audiences" has been publicly in the works but raised his price target anyway from $43 to $52 because the deployment of the technology "might not be as costly as we originally modeled."

Twitter which went public on the New York Stock Exchange on November 7, is now trading at roughly double its IPO price of $26 a share with an implied valuation of more than $26 billion on just $168.6 million in revenue in the third quarter.

The San Francisco-based firm touched its previous intraday high of $50.09 on the day of its IPO.

(Reporting by Gerry Shih; Editing by Tim Dobbyn)

(Source : Reuters)

Technology - Main

Twitter shares touch new high, sail past $52

Most Popular Articles

2026 FIFA World Cup Schedule in Sri Lankan Standard Time

Breaking Down the Israel–Iran Conflict: What We Know So Far - Day 108

’’Cut out the noise, focus on your game’’; Sri Lanka great reaches out to Sooryavanshi

Struggling Pizza Hut chain to be sold for $2.7bn

Gold Price Today in Sri Lanka – 22K & 24K Rates, Trends, and Investment Guide

Heavy rain expected as El Niño conditions set to develop globally after February: Officials

Latest News

G.C.E. O/L examination results released online

Fire destroys processed tea stock at Elpitiya tea factory

Italy cancels US visit after Trump says Meloni ‘Begged’ him for photo

Delayed peace deal weighs on CSE as profit-taking pulls indices lower

ICC Chairman meets Dissanayake