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Snap shares break two-day rally

Monday, March 6, 2017 12:57
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Shares of Snap Inc, 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.

Story by ProactiveInvestors


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