Snap Stock Falls Below IPO Price For The First Time
Shares of Snap Inc. fell below the company's $17 initial public offering price for the first time Monday, in the last minute of trading. Snap shares fell to $16.95. When Snap debuted on the New York Stock Exchange, in the largest U.S.-listed IPO since 2014, shares closed at $24.48. It hit a record intraday high the next day, reaching $29.44. Snap has had a bumpy road since then, as it faced increasing competition from Facebook Inc. and reported first-quarter earnings that fell below analyst expectations. Shares have fallen 19% in the past three months, while the S&P 500 has gained 3%.
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