Snap has only been public for three months, and already it’s fallen back to near its IPO price. The stock is trading down 3.19% at $17.34 a share on Thursday.
Snap priced its initial public offering on March 2 at $17 a share, and opened higher about 41% at $24. It hit an all time high of $27.09 just one day later as enthusiasm for the ephemeral messaging company was high.
Since then, the Snap’s stock has been on mired in a downward slide, falling 57% from its peak.
The company has been facing strong competition in messaging and has had to fight back copycats like Facebook.
Snap has also seen its stock downgraded multiple times, even by JPMorgan, one of the banks that was an underwriter for its IPO.
- Markets Insider