"What we're seeing here is the market is converging back to reality."

In a previous CNBC.com interview, Rovellihad advised investors to stay away from the stock until the company had more visibility on how it would grow revenue.

Without more proof of growth capability, investors decided that perhaps the initial Facebook pricing range, with a low end of $28 a share, was more accurate than the final range.

"What we're seeing here is the market is converging back to reality," Daniel Ernst, principal at Hudson Square Research, said on CNBC's "Squawk on the Street" program. "We liked it at the bottom of the first range. The lower 30s, high 20s, we'd be more interested...Right now we're kind of sitting on the sidelines and watching it."

For Ernst, the story of Facebook is that as market sentiment cools, trader mentality will focus back on the fundamentals of value and earnings power.

"No doubt this is a fantastic company — 53 percent operating margins, 901 millions users around the world — they can provide detailed targeting to advertisers," he said. "I think this is going to reinvent digital advertising. I just don't want to pay 70 times earnings for it. I'd rather pay 50, 40 times earnings for that. So when we see earnings grow, either they'll grow into the multiple or the stock will pull back."

Companies more reasonably priced compared to earnings and revenue, such as Amazon , Google and Apple , are much more enticing, he said.