Snap Stock Falls 10% To New Low

Shares of Snap Inc. tumbled more than 10% to a fresh low on Tuesday, marking the second straight down day for the social media messaging app since Thursday's initial public offering. The stock closed down around $21.39, a 10% decline that comes on top of a 12.2% decline on Monday. Snap shares are still trading above their $17 IPO price, however they've declined sharply from an intraday high of $29.44 on March 3, their second day of trade. The declines follow a flashy market debut that marked the largest U.S. tech IPO since Facebook Inc. in 2012. However, a flurry of analyst initiations on the stock in the past few days have brought light to concerns about the company's fundamentals, including widening losses, slowing user growth and fierce competition from larger rivals, such as Instagram Stories. The average rating on the stock is the equivalent to sell, while the average 12-month price target on shares is $16.50, according to a FactSet survey of eight analysts. The S&P 500 on Tuesday fell 0.3%.

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