Facebook stock opens with a thud; down to $33

The world's largest social network is watching its shares plummet today, and is currently down to $33.16, representing a 13 percent decline.

Facebook shareholders don't have much to smile about today.

(Credit: James Martin/CNET)

So, it looks like investors are not too happy with Facebook this morning.

The company's shares have plummeted in early trading, hitting a low of $33. As of this writing, the company's shares have climbed to $33.16, representing a 13 percent decline compared to its opening price of $38.23. The poor performance puts Facebook much lower than its $38 initial offering price.

The writing appeared to be on the wall this morning when Facebook started trading below $38 in pre-market trading. Before it started trading today, Facebook's shares were hovering around $36 in pre-market.

Apparent soft demand for Facebook shares has sparked some fear among investors and industry observers over whether the social network was priced too expensively at its start. However, more long-term thinkers don't think it's time to get paranoid about Facebook's shares or their prospects of long-term success.

Wedbush analyst Michael Pachter is among many who believe Facebook will see its shares rise in the coming months. In a note to investors today, he said that he expects the social network's stock to jump to $44 in the next 12 months. Sterne Agee analyst Arvind Bhatia said earlier this month that he expects the company's shares to increase to $46 over the next year.