Snap shares fall 7% in choppy trading

Listen to this article

00:00
00:00

Oh snap!

Shares of Snap Inc, the company behind vanishing messages app Snapchat, fell as much as 9.2 per cent to $24.61 on Monday, reversing earlier gains of as much as 4.3 per cent. At pixel time they were trading 7.1 per cent lower at $25.16.

The sell-off comes as none of the seven Wall Street analysts who have initiated coverage on the stock have given it a “buy” rating. Indeed, Needham’s Laura Martin on Monday initiated coverage with an “underperform” rating

Monday’s sell-off curbed the stock’s rally to about 48 per cent since its listing at $17 a share last week.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.