Vetr Crowd Issues Downgrade On Facebook After Week Of Controversy
The Vetr crowd downgraded its rating for Facebook Inc (NASDAQ: FB) from 3.5 stars (Buy), issued 51 days ago, to 3 stars (Hold). Crowd sentiment at the time of the downgrade was edging cautious, with 51 percent of Vetr user ratings bearish.
The Vetr downgrade comes two days after Facebook's annual F8 Developer Conference in which CEO Mark Zuckerberg outlined his vision for the future of alternate reality, virtual reality, and various other technological advancements on the social media platform. The ambition on display was shadowed, however, following controversy surrounding a recording of a murder that was allowed to remain on the site for more than three hours Sunday.
The video is the latest example in a string of instances involving graphic or violent material that was allowed to remain on the platform for extended periods of time. Facebook representatives have stated the company "works hard to keep a safe environment on Facebook and are in touch with law enforcement in emergencies when there are direct threats to physical safety."
Share price in Facebook took a slight hit from the video controversy, but has since rebounded and was trading around $144 by 2 p.m. ET.
Currently, the Vetr crowrd's average target price for the stock is up at $147.92, which is still below the average analyst target price of $157.33. Facebook is a popular stock on Vetr as more than 11 percent of users are holding FB in their watch lists.
Latest Ratings for FB
|Apr 2017||Credit Suisse||Maintains||Outperform|
|Mar 2017||Barclays||Initiates Coverage On||Overweight|
|Mar 2017||BTIG Research||Upgrades||Neutral||Buy|
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