Facebook Shares Fall Below IPO Offering Price
The exchange also said it would implement procedures to accommodate orders that were not properly executed last week, which could ultimately lead to compensation for some investors.
"It doesn't instill confidence for clients. Talk about trying to convince them it isn't a casino," one Midwestern financial adviser told Reuters on Monday.
Separately, a source said Morgan Stanley's brokerage arm still had a "large number" of share orders from Friday that were not confirmed, which it was working to resolve.
A Facebook spokeswoman declined to comment on the share price issue.
But analysts said that after the initial frenzy, investors were quickly becoming cautious about the stock.
"Investors are increasingly aware of the risk embedded in the stock price. There are real concerns about growth and advertisers' frequent lack of certainty how best to use Facebook, along with rising costs and ongoing acquisition risk," said Brian Wieser at Pivotal Research Group, who has a $30 target on the stock.
"At $38, the stock is priced for perfection in a manner that implied that risks were negligible."
Facebook's market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders' orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop.
In a release, Nasdaq explained why the start of Facebook's trading was delayed on Friday. The company's CEOshed further light on the delay in an interview on Sunday with CNBC's Maria Bartiromo.
"After the calculation of the FB IPO Cross was completed, but before printing the opening trade, additional order modifications were received by the system, changing the auction order book," the release said.
To factor in the new book state, the system then recalculated the offer's auction. This caused further delay.
"Again, changes were received before the IPO cross could print the opening trade, which resulted in additional re-calculations," Nasdaq said. "This condition persisted, resulting in further delay of the opening print."
-AP and Reuters contributed to this report.