NEW YORK (
(TWTR - Get Report) tumbled 7.29% to $61.46 a share at the close of the trading day on Tuesday, which marked a $4.83 drop from its previous closing price of $66.29.
The stock could still be suffering from Morgan Stanley's downgrade to Underweight on Monday. Moreover, Morgan Stanley set the target price of the stock at $33, which was approximately half of the Monday closing price. The downgrade stemmed from concerns over Twitter's ability to compete with Facebook (FB) and Google (GOOG) for advertising money due to its limited advertising avenues.
Twitter's IPO came in Nov. 2013 and peaked at $74.73 on Dec. 26, 2013. Since then, the stock has fluctuated until the drops of the past two days.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts