Snap falls below $24 debut price
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Is the honeymoon over already?
Shares in Snap, the owner of vanishing message app Snapchat, closed below the the $24-a-share price at which they debuted on Thursday.
After two days of gains, Snap shares were in retreat most of the day on Monday, ending the day down 12.3 per cent at $23.77.
Despite the decline, the shares are still trading at nearly 40 per cent higher than the $17 a share the IPO was priced at.
While investors piled into the social media company after its debut, Wall Street analysts have been less enchanted, and none of the seven Wall Street analysts who have initiated coverage of the stock have given it a “buy” rating.
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