"A lot of challenges are behind the company," said Ken Sena, an Internet analyst in Evercore's equity research group who has an "overweight" rating on Groupon, noting the daily deal site's performance "continually improves."

Others aren't as convinced.

"There might be a time when the businesses say, 'You know what, we're going to go with someone else because we're getting more money from Travelzoo, Living Social,'" said Edward Woo, a senior research analyst at Ascendiant Capital Market who covers Groupon.

"Groupon believes they can keep [the take rate] as is or improve it, but it's up for debate over whether that can be the case," he said.

Ascendiant, being the only brokerage with a "sell" rating on Groupon (and an $8 price target), has kept a cautious eye on the startup. It sees Groupon's take rate falling two points to 38% in the current quarter on rising competition.

"We still think the company isn't generating enough profitability now to justify where the company is trading at," Woo said.