Snap Stock Tries to Claw Its Way Back
It's been a memorable week for Snap, Inc. (NYSE: SNAP) investors, but we're not talking about good memories. Shares of Snapchat's parent company buckled below their $17 IPO price in the waning moments of Monday's trading day, officially becoming a broken IPO. Snap stock has stayed below $17 ever since.
Analysts -- even some that played an underwriting role in its market debut four months ago -- have been putting out cautious notes recently. The shares have moved lower for eight consecutive trading days, sliding 15% in the process. Wall Street pros have been generally souring on Snap as an investment for growth investors in recent weeks, and the sliding stock chart bears that out. However, Snap did receive an analyst upgrade on Thursday morning. The encouraging turn comes a day after another analysts offered up Snap's fall as a buying opportunity. It's still gray out there, but there are some sparks of optimism.
Image source: Snapchat.
Source: Fool.com