Shares of Facebook, Inc. (FB) have risen more than 1.77% in pre-market trading Tuesday, after social-networking giant is reportedly in talks to acquire Titan Aerospace, the New Mexico-based maker of a solar-powered high-altitude drone that can stay aloft for five years without landing. According to TechCrunch, Facebook is interested in using these high-flying drones to deliver Internet access to parts of the world like Africa, which have poor existing telecom infrastructure. The report suggests that the Menlo Park, Calif.-based company is interested in buying the drone manufacturer for $60 million. Facebook shares rose $0.45 Monday to close at $67.41.
FB has an average 30 day trading volume of 64.9 million shares. The ticker has a 52wk range of $22.67 – $71.44. The company has a current market cap of $171 billion, a forward P/E of 40.10 and a t12 P/E ratio of 110.30.
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