The carnage in Facebook shares has prompted one major question: Is it finally time to buy?

The stock seems to have found some sort of floor near $20, with Thursday marking the second time this month it has been able to hold around that level. It closed down 6.3% at $19.87.

But given revenue growth is shrinking, costs are rising and short sellers are pouncing, question marks continue to swirl about what's next for the stock.

"Given a timing standpoint, there's no rush jumping in now," Ken Sena, an analyst who covers Facebook for Evercore Partners, told MarketBeat.

He has a $34 price target on the stock, which is more than 70% higher than current levels. But even with that lofty target, he still has a "hold" rating on the shares, noting now isn't the time for investors to buy. "We're not recommending the stock right now," he says.