Snapchat dives below $20

Evan SpiegelGetty/Michael KovacSnapchat CEO Evan Spiegel speaks onstage during ‘Disrupting Information and Communication’ at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 8, 2014 in San Francisco, California.

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.

Click here for a real-time Snap chart.

Get the latest Snap stock price here.

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