Snap sinks to its IPO price

SnapchatDrew Angerer/Getty ImagesA woman wears ‘Snapchat Spectacles’ on the floor of the New York Stock Exchange (NYSE), March 2, 2017 in New York City. Snap Inc. shares opened at 24 dollars per share on the NYSE.

Snap, the parent company of Snapchat, just hit its IPO price of $US17.

The company has been on a slide ever since the initial bump following its IPO.

Snap debuted at $US17 and first began trading at $US24. It reached its all-time high of $US27.09 on March 3, a one day after its IPO. It’s now down 37% from there.

Many of the banks that underwrote the company’s IPO have become bearish on the stock. JPMorgan is perhaps the most notable, as it has been downbeat on the stock almost since launch.

The company is struggling to innovate faster than its competitors. Facebook has been copying features of Snap’s core app in the Facebook and Instagram apps. Snap released its Spectacles camera, and recently expanded distribution of the product, but has not seen a significant bump to its bottom line.

Snap executives and company insiders won’t be able to sell their shares until their 150-day lockup period expires on July 30. However, since that’s a Sunday, they won’t be able to sell shares until Monday, July 31.

Click here to follow the company’s share price live…

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