Twitter is crashing to new lows

Twitter shares fell to a new all-time low on Wednesday.

The stock has dropped on every trading day in 2016, and fell more than 5% to as low as $18.57 per share in morning trade - a level it has never reached before.

There's not really any news on the company, except that analysts at Mizuho initiated coverage on the stock on Wednesday with a "neutral" rating and a price target of $21, according to Investor's Business Daily.

But as Business Insider's Alexei Oreskovic noted when the stock first crossed below $20 per share a few days ago, Wall Street is getting increasingly bearish on the social media company's ability to scale the number of active users.

The decline on Wednesday gave the company a market cap of about $12.78 billion, below the valuation of $14.2 billion when it went public in November 2013.

Here's a chart showing the price decline over the last few days:

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