Shares of Facebook Inc. (NASDAQ: FB) put up another new post-IPO low today after analysts at BMO Capital Markets cut the social networking company’s target price from $25 to $15. The firm pointed at the expiration of stock lockups over the next six months as the cause of concern. Between now and next May, about 1.7 billion additional shares of Facebook stock will be released to the markets.

To add insult to injury, BofA/Merrill Lynch dropped its target price for Facebook stock from $35 to $23, while maintaining a ‘hold’ rating on the stock.

There simply hasn’t been enough countervailing good news from Facebook to stop the bleeding caused by the enormous number of shares still lurking in the wings. The company’s revenues last quarter were disappointing and will 1 billion users worldwide, growth is getting harder to achieve.

Worst perhaps, Facebook has been unable to produce a compelling mobile strategy, either for users or investors. If and when Facebook solves its mobile issues, the company could live up to the hopes of its IPO buyers.

Shares are down about 3.7% today at $18.38 after posting a new low of $18.23. The prior range was $18.75-$45.00.

Paul Ausick

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