On Wednesday, the Citron Research, which is a short-seller has backed up the Facebook Inc, the social media giant stating that in the upcoming year, the stock prices of Facebook could hit $160.
This is because the revenue of the company of the company along with the user base has seen small impact because of the data scandals that were reported as well as the issues of privacy that were reported this year.
The stock prices of Facebook were witnessing a decline by 28 percent this year. However after the reports from Citron, its shares witnessed a rise by 4.4 percent thereby reaching a value of $129.57.
According to the research report published by Citron and reported by Reuters, it had stated that they believe that the investors will be rewarded by the shift of the behaviour of the users to the shopping on Instagram as well as the personalization of the process of commerce.
It further stated that the social media giant has come a long way and has turned the short-seller into a major bull from that of a one-time skeptic.
Source: Reuters, Citron
