Shares of Facebook Inc fell 4.5 percent to a new low on Friday after brokerages cut their price targets on the company's shares, saying several lockup expirations over the next year will weigh on the stock.
Early investors got the green light to sell Facebook shares for the first time on August 16, sending its stock down 6.3 percent and prompting price target cuts.
About 243 million shares will become available for trading from mid-October, with November 14 being the big day when more than 1.2 billion shares will enter the market.
The company's current free float is about 628 million shares.
"We expect investor attention to return to fundamentals after the technical challenges presented by lockup expirations over the next six months have been absorbed by the stock," BMO Capital Markets analysts said in a note.
They added that Wall Street sentiment on Facebook is now much worse than advertiser sentiment.