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Facebook has no friends: Stock slides below $20
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Facebook is not very popular among investors these days. Shares of the social media giant hit a new low of just $19.82 Thursday, nearly 50% below their initial offering price.

The stock has been under pressure since last week, when Facebook (FB) reported its first earnings as a public company, and failed to relieve investor worries about slowing sales growth and its plan for mobile advertising.

As Facebook's stock continues to bleed, institutional investors are beginning to unload their stakes. Fidelity Investments, which owns both public and private shares of Facebook, sold more than 1.9 million public shares in June across 21 different mutual funds, according to Morningstar data.

Of those 21 funds, 16 dumped more than 25% of their Facebook stakes, including the Fidelity Puritan fund (FPURX), which still owns 1.9 million shares. The Fidelity Disciplined Equity fund (FDEQX) sold almost 50% of its Facebook stock.

Of course, more than a dozen Fidelity funds also added shares of Facebook in June about 2.2 million shares combined including the Fidelity Contradfund (FCNTX), which boosted its stake by 264,000 shares, or almost 2%.

While Fidelity declined to comment on Facebook specifically, the firm's spokesman Stephen Austin said "portfolio managers make investment decisions every day for what they believe is in the best long-term interests of their funds' shareholders."

Meanwhile, a number of JPMorgan (JPM) mutual funds and a handful of funds managed by Turner Investment Partners sold significant parts of their stake in Facebook in June, according to Morningstar.

Facebook's stint as a public company has been rocky since day one, when a trading glitch at the Nasdaq (NDAQ) turned its public debut into a public fiasco.

Even prior to that botched first impression, investors and analysts alike have been questioning how the company will bring in more revenue from its 955 million users, particularly through its mobile platform which is becoming increasingly popular but lacks a strong advertising strategy.

Source CNN Money

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