Snapchat dips below $20 for the first time

Shares of Snap have tumbled below the $20 level, trading down 4.1% at $19.91 per share as of 2:12 p.m. ET.

Thursday's selling has the Snap down about 32% from its all-time high that was set on March 3, just a day after the initial public offering. Snap's IPO priced at $17 per share and their first trade occurred at $24.

Wall Street has been skeptical of Snap from the get go as it was the first US company to list shares with nonvoting rights. That prompted six out of eight analysts initiating coverage to slap "sell" ratings on the stock. The other two rated shares as a "hold."

Markets Insider