One thing to keep in mind with FB is how the Americans take companies public. They tend to issue a very small percentage of the float to the public. This means that all the crazies that believe the stock should be worth $1000 will serve as a backstop. That said, I agree that the stock should be priced lower.
I'm convinced some hedge fund with more $$$$ than any of us mere mortals will ever possess, has an auto-magical algorithm pumping the crap out of that thing. There's just no fundamental reason for the pump.
FB is clearly an overvalued stock but it has shown recently it can actually achieve revenue growth from mobile ads and e-commerce efforts
I initially thought it was a dead stock and I was going to short sell it, but the recent rally shows that market sentiment is positive though this is probably just speculating buying as its 'Facebook'.