Last year's most anticipated tech IPO Box has lost almost all its gains since going public

Box is trading at record-low levels on Tuesday, dropping another 5%, to around $14.60 a share.

Box shares have declined nearly 22% over the past couple of weeks, and has wiped out most of its gains since its January IPO when it priced its shares at $14 a piece.

Box was one of the most anticipated - and scrutinized - tech IPOs of the past year. On the day of its IPO, the stock opened above $20 and closed at $23.23, up 66% from the IPO price.

What's driving the shares down?

According to several Wall Street analysts, the problem has been the recent stock lock-up expiration that took place on July 22. Companies typically have 90 day or 180 day lock up periods when they go public, preventing shareholders from selling stock immediately after the IPO.

The July lock-up expiration allowed some of the largest Box investors to unload their stock for the first time, causing the number of shares on the market to increase and the share price to drop. Another round of insider selling could come in September, when Box executives and employees have a chance to sell their shares.

But some stock owners, including former employees, said they're not particularly worried about the stock volatility or the health of the company. "Being in Silicon Valley, volatility is something we're used to. Personally, I'm not worried, I think there's a really bright future for Box," one former Box employee told us.