Snap Inc's shares fell as much as 10.4 percent on Tuesday, opening at their lowest since a blockbuster market debut last week.
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Snap's shares hit a low of $21.30 in early trading on Tuesday, wiping out more than $9 billion of the company's market capitalization from Friday's high.
Shares surged 44 percent in a hotly anticipated listing on Thursday, valuing the parent of Snapchat, an app popular with young people for its disappearing messages, at $28.3 billion, on par with CBS Corp and Target Corp.
However, none of the analysts have initiated the stock with a "buy" rating.
Of the six analysts, four recommend "selling" the stock, with two having "neutral" ratings, according to Thomson Reuters data.
Needham analyst Laura Martin on Monday rated Snap "underperform" and compared its stock to buying a lottery ticket.
Snap has been heavily traded in its first three days, rolling over the number of shares sold in the IPO more than twice.
Globally, shares of most of the 25 largest technology IPOs have languished in their first 12 months on the public market, with 16 of them notching a hefty decline from their debut day closing price, according to a Reuters analysis of market performance.
(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)