Snapchat can't hold $20

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Snap Inc . gained on Monday, but failed to hold the $20 level. Shares rallied more than 4% on Monday morning a fter Monness analyst James Cakmak initiated coverage with a "buy" rating . However, the stock pared its gains before the lunchtime hour.

The bulls and the bears battled it out over the key $20 level, but the bears managed to gain the upper hand and push Snap below $20 by the close. Snap shares closed up 2.05% at $19.94.

Before Monday, Snap had no "buy" ratings, five "hold" ratings, and six "sells" according to Bloomberg.

Shares os Snapchat plunged 11% last week, nearing the IPO price of $17, as traders loaded up on bets against the company .

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