Back on May 22nd shares of Facebook (FB) closed at $31 per share. At the time, they were already down 18% from their IPO offering price and more than 31% from their intraday high just two trading days earlier. Given the decline, there were more than a few people saying the sell-off was already overdone and that it was time to get in on Facebook (FB).
On that day, we conducted a poll on our website asking Bespoke readers what price FB would have to fall to in order for them to become interested. As shown in the chart below and in a segment on CNBC, the overwhelming majority of our readers (76.3%) said that shares of FB would have to drop below $26 in order for them the become interested.
Following our poll, shares of FB continued their descent trading down to as low as $25.52 on June 6th. Since then, shares of Facebook, have outperformed every other stock in the S&P 500, gaining more than 30%! Hey, we didn't say our readers were the smartest investors on the web for nothing!