Professional penny stock analyst, author, and publisher of the Peter Leeds Penny Stock newsletter has announced that he expects Facebook shares to bottom soon, near or just below current levels.

New York, NY -- (SBWire) -- 06/11/2012 --Shares of Facebook went public with an initial public offering on May 18th. Under ticker symbol 'FB,' the stock opened at $38, quickly spiking higher towards $45 per share, according to the Associated Press. That strength was short-lived, however, as the stock has traded lower each day since then.

One analyst who anticipated the FB weakness ahead of time was Peter Leeds, author of 'Invest in Penny Stocks,' and publisher of the Peter Leeds Penny Stocks newsletter.

In an interview with Russia Today, which played on television in Moscow on February 8th, 2012, Leeds anticipated FB shares to spike on the IPO date, due to all the hype surrounding the stock. He also then mentions that he expects shares to fall immediately thereafter, as investors start taking a deeper look. The interview is available through Leeds' Penny Stocks Newsletter site's video page.

"Most of the growth in Facebook is now from developing nations, which are much less profitable markets," states Leeds. "In fact, the growth in the lucrative North American market has been maxed out. That's one of the many reasons why I expected Facebook shares to slump after the hype wore off."

Now, after calling the price action on the Facebook IPO perfectly, Leeds is one of the only voices calling for the price slide to come to an end. "We've flipped from too much positive hype to far too much negative hype. Facebook shares do have a value, and just because the IPO was originally too high, doesn't mean they will sink all the way to zero. What we're seeing now is far too much negative hype. People seem to be cheering Facebook shares all the way down, and enjoying watching it slide... but that will come to an end very soon, probably in the next few trading days."

Asked what happens to FB then, Leeds mentions he expects the stock to find a stable range between $24.50 and $28.

Leeds states that he would not personally invest in FB. "I'm a penny stock investor. I like making huge gains on penny stocks, rather than playing small moves in larger stocks, or trading their options. In my world, the most lucrative approach has always been investing in high quality penny stocks, then holding the shares as those penny stocks increase revenues and market share. That's what has always worked for me over time, and that's what I will continue to do."

About Peter Leeds
Known as the professional in penny stocks, Leeds is the author of 'Invest in Penny Stocks' [John Wiley & Sons], publisher of the world famous penny stocks newsletter, and public speaker.