Facebook stock (Nasdaq: FB) fell more than 5% Friday as some 156 million shares held by early insiders and employees were freed from a lockup period.

It marked the fourth time a torrent of the social networking giant's shares were let loose for trading since the company's hugely hyped initial public offering (IPO) on May 18 at $38 a share.

The reaction to the sizable release of shares has been mixed.

Facebook stock fell to $28.61 Friday and ticked lower in afterhours trading. Option activity was also bearish, with puts still exceeding bullish calls over the next three months.

The fall reversed the surprising upward trend enjoyed amid the third and largest lockup expiration. On Nov. 14, 777 million shares, or about one-third of shares outstanding, were freed. Investors and analysts were bracing for the worst, but shares soared 12.5%.

In fact, Facebook stock gained more than 40% over the month's time between the third and fourth lockup expiration.

During the first lockup expiration on Aug. 15, when 270 million shares were set free, "smart money" and early investors quickly dumped shares. Over the course of the third lockup expiration on Oct. 29, with 234 million shares unleashed, shares slid 4%.

But now that four of the five lockup period expirations are over, more analysts are bullish than before.

"With improved visibility on the company's mobile transition, the majority of the lock-up expirations now behind us, and the potential opportunity from new products, we remain positive on Facebook shares," wrote Analyst Arvind Bhatia at Sterne Agee, who issued a "Buy" rating on Nov. 27, with a price target of $32.

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It's difficult to think that an additional 852 million shares of Facebook stock hitting the market wouldn't weigh on the already struggling share price.

That's why, for the third time in nearly as many months, Facebook Inc. (Nasdaq: FB) on Wednesday braced for what could have been the largest selling spree yet to hit the social networking giant.

Scores of early investors and employees were at liberty to sell 778 million shares. Another 31 million in restricted stock, awarded to employees who joined the Menlo Park, CA-based company prior to 2011, were also unbound, along with 48 million shares held by former employees.

The staggering number is almost equal to Facebook's existing 921 million share float, according to data from the company's most current filing with the U.S. Securities and Exchange Commission.

But, a strange thing happened.

Instead of falling amid the torrent of new shares, Facebook's stock rose Wednesday.

Right after the opening bell on Wall Street and for the first half hour of trading, the stock enjoyed a 10% rally. By 2 p.m., it was up nearly 12% at $22.22.

Why? Morningstar analyst Rick Summer says the result could have been that investors were planning to buy today after the price tumbled, and piled into the stock anyway.

"Certainly there was a delay and pent up demand in shares," Summer told ABC News.

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