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Snap’s shares fall in US pre-market after losing 12% of its value

Tuesday, March 7, 2017 6:41
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Snap Inc.’s (NYSE:SNAP) shares have shed 3% in US pre-market trade today after losing 12% in value on its third day of trading.

The owner of popular disappearing photo app, Snapchat, saw its share price drop to $23.77 per share from the $24 it achieved on the first day of trading.

The initial public offering, priced at $17 a share, had started off on a solid footing but it seems Snap could prove Wall Street bears right.

Some analysts had predicted Snap would follow a similar story to Twitter’s IPO in November 2013. Twitter’s value has fallen to $15.56 per share from the IPO price of $26 per share after finishing its first day of trading at $44.94 per share.

Shares were down 3.03% ahead of the opening bell today. 

Story by ProactiveInvestors


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