Snapchat dives below $20
The stock price for Snap Inc. just fell below $20.
Shares of the parent company behind messenger Snapchat have been on a wild ride since the company's IPO. The stock rallied from $17 to $27 in its first two days of trading, only to tumble 30% over the following weeks.
That was until shares got a boost following a deluge of positive ratings from Wall Street analysts on March 27, including:
- Goldman Sachs: Buy, $27 price target
- Morgan Stanley: Overweight, $28 price target
- Citi: Buy, $27 price target
- RBC: Outperform, $31 price target
- Jefferies: Buy, $30 price target
- Oppenheimer: Market perform
- Credit Suisse: Outperform, $30 price target
- UBS: Neutral, $24 price target
- Stifel: Hold, $24 price target
- Cowen: Outperform, $26 price target
However, the momentum from those ratings quickly faded, and Snap shares closed ended Thursday's session at $20.19. The drop followed Facebook's Instagram reporting that their Snapchat clone, "stories" has more than 200 million daily users, ahead of the 161 million reported by Snapchat.
That sell-off seems to be continuing on Monday.
Wall Street analysts might as well 'pick a number on the roulette wheel' for their year-end stock targets
Market legend Art Cashin slaps down the myth of the Black Friday stock market crash
Here's the 'eye-popping' chart BlackRock CEO Larry Fink shared in his annual letter