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.