This happens quite frequently. There is no guarantee that a limit order will ever be filled. When deciding whether to place a limit order or a market order, the trader needs to evaluate the tradeoff between a guaranteed fill which might be different than what you expect, and getting the price you want but perhaps not getting filled. It all depends on your analysis and your needs. The market value of any stock which is the price people are willing to buy and sell it for, is strictly a function of the marketplace.
Stocks are just like any other commodity.
Buyers and sellers come together in a competitive marketplace and transact business at mutually agreeable prices. Supply and Demand rule the stock market, as all other free markets. At times investor demand drives prices beyond reasonable valuations, while at other times investor disinterest pushes stock prices lower and lower.