Shares in Snap Inc. took a beating Monday, dropping 12% on several downgrades from stock analysts.
Snap saw its stock close at $23.77 Monday, down $3.32 for the day after several analysts downgraded the stock. Needham gave Snap a downgrade and a price target of $19 to $23. CFRA also gave Snap a sell rating and $22 price target.
Snap shares opened for trading Monday at $28.17.
Owner of social media app Snapchat, the company went public last Thursday at $17 per share. Snapchat has over 150 million users but lost $514.6 million last year. It has yet to turn a profit.