Groupon had a strong IPO and then the company saw its price slide in the following months. Just last Friday, Groupon's stock was down 6% from its opening share price.

In the last few weeks before Facebook's IPO, the company took several sharp hits.

Facebook co-founder and CEO Mark Zuckerberg was publicly chastised for wearing jeans and a hoodie sweatshirt to make a presentation to button-down Wall Street investors. His casual appearance left some wondering whether the 28-year-old had the maturity to run a major public company.

And as questions arose about the social network's ability to monetize its growing base of mobile users, General Motors pulled a major ad deal just before the IPO. The company went so far as to say Facebook's ads weren't working for it.

"Well, I think there are holes in the business and people see it," said Kerravala. "Facebook needs to prove to the market that they can be the company they say they can be. People won't buy promise."