Snapchat parent Snap has fallen 12% on its third day of public trading, bringing the value of the company below its first day price. It had opened on its first day with a rise of 4%, but its performance didn’t last long and many analysts believe a further decline is likely.
On Monday, it finished at $23.77, whereas it ended its first day with $24.48, which was up from the initial IPO value of $17.
CNBC says five of seven analysts covering Snap placed a “sell” position on the company. The other two listed it as a “hold.”
Some estimates claim the company is clearly overvalued and should be somewhere between $19 and $23.
