Ferrari shares slipped below their $4 price on Tuesday.
The stock had been priced at $52, the higher end of expectations, ahead of its first day of trading last Wednesday.
In trading Tuesday, it fell by as much as 7% to around $51.41 per share.
And so, investors who bought early are back where they started on paper.
The stock opened at $60 per share at its IPO last Wednesday and rallied 15% on the first day.
On Monday, Ferrari announced that it was closing the initial public offering of about 19 million common shares.
Here's a chart showing how its traded so far:
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