"The number of shares that are outstanding currently floated is about $400 million. That number is going to increase to about $1.4 billion over the next two months," said Ken Sena, analyst for Evercore Partners.
Some fear additional supply will drive down prices. On the other hand, if there isn't a selling glut, more shareholder commitment will be seen as positive.
In any case, Sena says buying Facebook at $20 is "risky." The analyst has a "hold" rating on the stock with a $34 price target — a far cry from Friday's price.
But Sena believes the company will follow through with a move to mobile, and even be able to monetize it.
"You're still talking about close to a billion Facebook users, and there's still a tremenodous amount of value surrounding intangibles," he said.
As for the question of Facebook's nearly 83 million fake users , a.k.a. 'the bots,' Sena simply considers that a non-issue.
"The challenge is to drive higher use among real users, as well as better monetization. That's enough even without the bots."
By Friday afternoon, some investors seemed to agree — driving Facebook's share price up over 8 percent.
—By CNBC.com’s Jennifer Leigh Parker
Additional News: Facebook Hosts Millions of Fake Users
Additional Views: Facebook is 'Attractive' at $20: Blodget
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Ken Sena does not personally own Facebook shares. Evercore Partners or an affiliate beneficially owns 1% or more of common equity securities of Facebook. Evercore or an affiliate has a client relationship with, or has received compensation from Facebook for investment banking services in the last 12 months.
Follow Jennifer Leigh Parker on Twitter@jparker741 .