Snap Shares End Session Down 1% Despite Lockup Expiration

Shares of Snap Inc. ended the session down just 1% from Friday's close, despite a lockup expiration. Though shares reached a record intraday low of $13.10 Monday, they rallied back to close at $13.68. Analysts had been concerned that insiders and investors would sell their shares Monday, as they looked for liquidity and as Snap has had a bumpy path since its IPO. Analysts estimated close to one billion shares could be available to sell. Still, investors were well aware of the lockup and CFRA Research said Monday that they believed close to half of the shares were held by executive officers and directors who were unlikely to sell. But other shares could still be sold. Shares of Snap have fallen 23% in the past month, while the S&P 500 has gained 2%.