Facebook Inc (NASDAQ:FB)’s stock hit $30.46 per share, up by 3%, on Wednesday after lingering at $29 per share for several days.

Since mid-July 2012, this is the first time the social networking giant’s share price hit this level in the stock market.

facebook shares

Earlier today, Facebook Inc (NASDAQ:FB) shares were expected to head towards the 32.4 level, according to a recent analysis conducted by the team at Trading Central.

This stock rise is deemed as a remarkable comeback by the social networking giant,after its share price collapse to $18 per share in the middle of last year. After the decline in its share price, Facebook Inc (NASDAQ:FB)’s stock picked up an increasing trend ever since the company’s September quarter earning, when CEO Mark Zuckerber decided not to sell stock.

Analyst believe that Facebook Inc (NASDAQ:FB)’s invitations for a big conference about ‘what they’re building’ can be one of the potential reasons of this boost in its share price.  Another possibility of the stock rise is the confidence of analysts in the growth of  Facebook’s revenue and their optimism about its stock hike.

JP Morgan analyst, Doug Anmuth, predicted a surge in the stock last week to $35 from $29, he said “marketer feedback on mobile and news feed ads has been very positive.” Similarly, William Blair Analyst, Ralph Schackart shared his positive views about Facebook ad exchange that allows advertisers to use third-party data to target ads on the social network.

Apart from stock predictions, Anaylst Devitt believes that mobile revenues will make up 20% of Facebook’s overall top line in Q4, up from 3% in Q2, while Sena is putting the figure at 24%.

Analysts also believe that whenever Facebook Inc (NASDAQ:FB)’s stock returns to $38 per share, the social network will come out being of a dwindling market share and the worst will really be over.