Facebook stock has hit a new high as they are now valued at more than $50-per-share.
The social network’s stock had a cold welcome when it went public in May 2012 and almost instantly tanked well-below their listing price.
The recent bump comes largely from a review by stock analysis firm Cowen Group who upgraded the company’s status from ‘Market Perform’ to ‘Outperform’ on Friday.
They based their high expectations on the expected growth of Instagram’s ad revenue and their increased profitability of mobile and video ads on the site.
In their report, they also nearly doubled their price target for the stock, moving it from $29 to $53.
Now it is nearly reaching that figure as it has been on a upward trajectory ever since the report came out.
At noon on Tuesday, it reached an all-time high of $50.55 but then dropped slightly in the following minutes.
The stock was initially priced at $38-per-share and today’s record-breaking high means that it is up 31.5 per cent since hitting the market.
At its lowest point, Facebook shares were selling for $18-a-piece.
The Cowen Group was not the only ones to raise their expectations for the stock, as Mashable reports that Citi analyst Mark May projected that the target price for Facebook should be $55.
His call was not based on the ads themselves but rather discussions he had with advertisers interested in the global brand.
A third firm- Canaccord Genuity- placed the stock in their buy column as a result of similar advertising expectations.
Ad sales are a popular topic right now as the 10th annual Advertising Week in New York City with a variety of events and panel discussions.