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.

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