Snap’s share price falls below its IPO level – a case of buyers remorse?
Share Now on:
Shares in Snap Inc., the parent company of social media app Snapchat, have fallen below their March IPO price. Shares traded around $27 immediately following the IPO. Today they hit $15.47. One big reason: An analyst at Morgan Stanley, which was one of the underwriters of the IPO, said “we were wrong” about Snap’s ability to keep advertisers happy. As other analysts have also begin to voice doubts, it could be turning into a case of buyer’s remorse.
Click the audio player above to hear the full story.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?