Things haven’t gone so well for tech’s most darling IPO of 2017. Snap had a blistering March 2 debut, which saw its first trade occur at $24 after pricing at $17. The stock hit an all-time high of $27.09 on March 3, but has been in a tailspin ever since.
Snap received several “sell” ratings early on as analysts questioned its ability to deal with competition from bigger companies. “Investors in Snap will be exposed to an upstart facing aggressive competition from much larger companies, with a core user base that is not growing by much and which is only relatively elusive,” Brian Wieser, an analyst at Pivotal Research Group, wrote as he placed a $10 target on the stock the day Snap went public.
