Despite the lukewarm start, analysts say trading volumes were high. The IPO was one of the biggest in history.
The year's most hotly anticipated public offering kicked off at 11 a.m, Friday in New York, with founder Mark Zuckerberg ringing the Nasdaq opening bell remotely from Facebook headquarters in Menlo Park, California.
"We've actually seen a few of that type of behavior in some other tech IPOs this year where the initial excitement was high, there was a lot of buying and then it just gradually fell off," said Gayad.
After opening at $38 a share, Facebook stock closed just 23 cents higher. That's a big wake up call for a company that is now worth more than a $100 billion, said media analyst Nick Thomas.