The parent company of messaging app Snapchat is now trading just $2 above its IPO price.
It's another down day for Snap, the parent company behind messaging app Snapchat. The stock briefly fell below $19.00 per share and is down almost 4% today. The current price is just around $2 above its IPO price of $17.00.
Many analysts have a negative view of the stock, believing it will follow in the footsteps of tech companies like GoPro and Twitter that have struggled since going public rather than mirror the success story at Facebook.
Shares of SNAP have been in a nosedive, down roughly 34.5% since reaching a high of about $29.00 on March 3, one day after the IPO.
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