Shares of Snap have tumbled below the $US20 level, trading down 4.1% at $US19.91 per share as of 2:12 p.m. ET.
Thursday’s selling has Snap down about 32% from its all-time high set on March 3, just a day after the initial public offering. Snap’s IPO priced at $US17 per share and their first trade occurred at $US24.
Wall Street has been sceptical of Snap from the get go as it was the first US company to exclusively list shares with nonvoting rights. That prompted six out of eight analysts initiating coverage to slap “sell” ratings on the stock. The other two rated shares as a “hold.”