Offer your thoughts or opinion on the input financial query or topic using your financial background.

What is the fair value of a stock given the bid and ask prices? Is there such a relationship?
None of the above. The fair value is a term used to describe an analytical result of projecting the company's future dividends and profits into a present value.  Such estimates are published by the likes of Morningstar, S&P and Value Line.  It is quite common for a stock to trade well above or below such estimated fair values.