Shares of Snap Inc (NYSE:SNAP), the company behind vanishing messages app Snapchat, fell as much as 9.2% to $24.61 on Monday, reversing earlier gains of as much as 4.3%.
The sell-off comes as none of the seven Wall Street analysts who have initiated coverage on the stock have given it a “buy” rating. Analysts at Needham even initiated coverage with an “underperform” rating.
The stock endured a taste of Facebook’s (NASDAQ:FB) initiation when it listed in May 2012 and almost immediately saw shares fall before recovering.
Last Thursday, Snap marked a premium of nearly 50% over its $17 IPO listing price.
Snap shares were last seen down 7.7% at $25 on Monday.