Snap, the parent company of Snapchat, just hit its IPO price of $17.
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Snap sinks to its IPO price (SNAP)
Snap, the parent company of Snapchat, just dropped below its IPO price of $17.
A woman wears 'Snapchat Spectacles' on the floor of the New York Stock Exchange (NYSE), March 2, 2017 in New York City. Snap Inc. shares opened at 24 dollars per share on the NYSE.
The company has been on a slide ever since the initial bump following its IPO.
Snap debuted at $17 and first began trading at $24. It reached its all-time high of $27.09 on March 3, a one day after its IPO. It's now down 37% from there.
Many of the banks that underwrote the company's IPO have become bearish on the stock. JPMorgan is perhaps the most notable, as it has been downbeat on the stock almost since launch.
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The company is struggling to innovate faster than its competitors. Facebook has been copying features of Snap's core app in the Facebook and Instagram apps. Snap released its Spectacles camera, and recently expanded distribution of the product, but has not seen a significant bump to its bottom line.
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