The stock price for Snap Inc. just fell below $US20.
Shares of the parent company behind messenger Snapchat have been on a wild ride since the company’s IPO. The stock rallied from $US17 to $US27 in its first two days of trading, only to tumble 30% over the following weeks.
That was until shares got a boost following a deluge of positive ratings from Wall Street analysts on March 27, including:
- Goldman Sachs: Buy, $US27 price target
- Morgan Stanley: Overweight, $US28 price target
- Citi: Buy, $US27 price target
- RBC: Outperform, $US31 price target
- Jefferies: Buy, $US30 price target
- Oppenheimer: Market perform
- Credit Suisse: Outperform, $US30 price target
- UBS: Neutral, $US24 price target
- Stifel: Hold, $US24 price target
- Cowen: Outperform, $US26 price target
However, the momentum from those ratings quickly faded, and Snap shares closed ended Thursday’s session at $US20.19. The drop followed Facebook‘s Instagram reporting that their Snapchat clone, “stories” has more than 200 million daily users, ahead of the 161 million reported by Snapchat.
That sell-off seems to be continuing on Monday.
Get the latest Snap stock price here.