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.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.