NEW YORK (AP) — Shares of Twitter fell on Monday, extending a recent slide for the social media company and returning its stock price to a level last seen on Dec. 20.
In early afternoon trading, Twitter was down 7 percent, or $4.48, at $59.26. It fell 13 percent on Friday after an analyst downgraded the stock.
Twitter has been a hot stock since debuting at $26 in early November. It had nearly tripled to a high closing price of $73.31 last week. Twitter isn't profitable, but investors are betting that advertisers will pay to reach its hundreds of millions of users. And the stock has drawn speculators, too.
Twitter's decline from its Thursday high means it has lost more than $7.7 billion in market value.
Macquarie analyst Ben Schachter wrote last week that Twitter has a bright future and many opportunities but "nothing has changed over the last 15 days to justify the rise in valuation." He downgraded the stock to "Underperform" from "Neutral." S&P Capital IQ rates the shares a "Sell."
A spokesman for San Francisco-based Twitter said by email that the company doesn't comment on its stock price.
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Original headline: Twitter shares fall for 2nd day
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