Shares of Snap sink to initial public offering price

Snap Inc Just Dropped to Its $17 IPO Price

Snap Inc Just Dropped to Its $17 IPO Price

"With investors dubious of the viability of its business model, slow user growth coupled with competition from established application providers Google, Facebook, Instagram and WhatsApp, Snap shares have been under pressure", Ihor Dusaniwsky, the head of research at S3, wrote in a client note. The firm had revenue of $149.60 million for the quarter, compared to analysts' expectations of $158.32 million.

Ads accounted for nearly all of Snap's $149.6 million in revenue in the previous quarter. (NYSE SNAP) traded up 3.18% on Friday, hitting $17.54.

The report shows Snap ranks way below its other social media peers in garnering the interest of advertisers. Atlantic Securities assumed coverage on Snap in a research report on Tuesday, February 21st. They issued an "underperform" rating and a $28.37 price target on the stock. Summit Redstone began coverage on Snap in a report on Monday, March 27th.

Deutsche Bank and Barclays also lowered their price targets for the stock last month. Raymond James Financial, Inc. reaffirmed a "market perform" rating on shares of Snap in a research note on Friday, May 12th. They set a "reduce" rating and a $16.00 target price on the stock. (NYSE:SNAP) will announce ($0.27) earnings per share (EPS) for the current quarter, Zacks reports. The company presently has an average rating of "Hold" and an average target price of $21.84. The correct version of this report can be read at

Several analysts' have issued sell ratings, which have cast doubt over the longevity of the company. The stock now has an average rating of "Hold" and an average target price of $21.84. JPMorgan Chase & Co. purchased a new position in shares of Snap during the first quarter worth approximately $252,388,000. Pacer Advisors Inc. acquired a new position in shares of Snap during the first quarter worth about $205,000. Ltd. bought a new stake in Snap during the first quarter valued at $223,000.

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Institutional investors have recently modified their holdings of the stock. Snap, meanwhile, now only carries a market value of $20.2 billion, losing $8.1 billion since its IPO. The stock fell 4.9% on the day and closed at $17.

Snap has only been public for three months, and already it's fallen back to near its IPO price.

Meanwhile, the Statista article said despite the clout Snapchat has with the millennials, there has been abounding speculation about whether the fundamentals justify the $20 billion valuation commanded by its parent Snap.

COPYRIGHT VIOLATION WARNING: This report was reported by BBNS and is the sole property of of BBNS.

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