) --


(FB) - Get Report

shares were whipsawed on Wednesday, briefly edging past the stock's $38 initial public offering price for the first time since the social networking giant went public in May 2012, and then falling back again.

Shares traded as high as $38.31 before ending the day in a retreat, losing 2.2% to $36.80. Shares have soared 39% since the company reported stronger-than-expected second-quarter earnings on July 24 led by strength in mobile revenue.

Facebook's recent run is a stark contrast to the company's first day of trading on the Nasdaq, where shares declined sharply to near its IPO price throughout most of the day after an 11% pop in opening trades as the debut was marred by technical glitches.

The pullback in trading may reflect continued doubts about the company's business model, or questions about the big bump in the shares following its recently quarterly announcement.

For months, Facebook had been on a downward trajectory -- declining more than 30% as the company's growth model and mobile monetizing strategies came under intense scrutiny -- until the social network surprised investors with its second-quarter report last Wednesday and shares began testing important psychological barriers.

Follow @atwtse

-- Written by Andrea Tse in New York

>To contact the writer of this article, click here:

Andrea Tse