Facebook got as high as $38.31 Wednesday shortly after the market opened, before retreating. Shares recently traded at $37.68, up 5 cents or 0.1 percent.
The company’s IPO was priced at $38 a share. Facebook has only closed above $38 one time: its first day on the markets.
Facebook has been on an upward tear since releasing earnings a week ago that showed a big jump in mobile advertising revenue. Shares have rallied more than 40 percent since the earnings release.
Facebook shares plummeted after the highly anticipated IPO last year and languished, primarily due to doubts about the California-based company’s ability to make money from members using mobile devices to get online.
But the most recent earnings report showed that some 41 percent of its ad revenues came from mobile, compared with 30 percent in the prior quarter and virtually nothing a year ago.
Company officials also boasted that they were able to recoup higher “cost per click” fees from advertisers, a distinction that contrasted with Google and some other technology companies that have seen such fees fall.
Facebook last year directly integrated ads into users’ newsfeed, whereas previously they had been segregated onto the right side of the screen and not visible on smartphones.
At the same time, the company has been slow to introduce video ads on its site.
Of Facebook’s 1.15 billion monthly users as of June 30, 819 million use a mobile device. Of the 669 million who use the site daily, 469 million use a mobile device, according to Facebook.