Snap Stock: Next Stop, $11?
Snap, Inc. (NYSE: SNAP) finally became a busted IPO last week, and now it seems like it's on a race to the bottom. Shares of Snapchat's parent company fell in 10 of 12 trading days before bouncing back slightly on Wednesday, but that $17 debutante price seems so far away at the moment.
MoffettNathanson analyst Michael Nathanson feels that we still haven't hit bottom, reiterating his bearish sell rating on Wednesday. He's one of many Wall Street pros that have pointed to the July 30 lock-up expiration that will free many pre-IPO shares to be sold in the open market as problematic. Nathanson is also disheartened to see Snap blaming seasonality for its recent growth challenges. He feels that the lock-up expiration and decelerating growth can push the stock down to his target of $11, implying another 27% of downside even after the recent slide.
Image source: Snap, Inc.
Source: Fool.com
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