Facebook stock hits new low

Facebook really can't catch a break. Shares of the social network hit an all-time low Friday after Bank of America-Merrill Lynch analysts lowered their price target and warned of headwinds for the stock.

It's been a rough summer for Facebook. The company's much-hyped IPO in May fell flat as a pancake after Nasdaq (NDAQ) botched Facebook's opening. Since then, the stock has barely come within spitting distance of its $38-a-share IPO price.

Facebook's (FB) stock fell 5.4% Friday to $18.06.

The biggest blocker right now, say analysts, is the multiple expiration of lock-up periods, which is when company insiders and major stakeholders can sell their shares.

Related: Facebook's stock falls 6% as insiders get chance to sell

In Facebook's case, there will be three more times this year, and one early next year, when the market may need to contend with a flood of Facebook stock. More than 40% of shares will be eligible for sale in November.

That could put more selling pressure on Facebook. Just take a look at Zynga (ZNGA). Its stock fell nearly 14% in the week after its lock-up expired.

"Revenue pressure from growing mobile usage, a larger-than-expected social gaming revenue slowdown, higher spending and lock-up expiration are overhangs that, in our view, will continue to impact the stock in 2012," said Bank of America-Merrill Lynch analysts.

But they weren't all doom and gloom. While they did lower their  price target to $23, longer term, they expect Facebook's revenue to gain traction.

It just might be a bumpy ride.