However, one options trader thinks the social media company could rally 15 percent in just one month.
"I'm making a stance, right here today on Sept. 29th, 2015, that Facebook will hit $100 by Nov. 1st," Andrew Keene of KeeneOnTheMarket.com said Tuesday on CNBC's "Trading Nation."
"The market is very weak, Facebook's been weak over the last couple of days," Keene acknowledged. But, "If the market can turn around, Facebook can move higher. If it reports strong earnings, Facebook can move higher," he said.
The company is expected to report third-quarter earnings at the end of October, which Keene said could give its stock price a boost. Facebook shares have seen substantial gains this year, but have fallen more than 6 percent in the last week.
Looking at the weekly chart, Keene said Facebook's upward trend is still intact.
He is buying a November 95/100 bull call spread for $1.25, which represents a bet that Facebook will reach $100 by November options expiration.
As the broader market has sold off, Keene said, Facebook had managed to make higher highs and higher lows. It's only recently that the social media giant started to dip, he said.