Snap slides to a nearly 1-month low (SNAP)
Snap's stock price has fallen around 5% in early trading Thursday.
The ephemeral messaging company is now trading at its lowest levels in nearly a month.
This comes as no surprise, as bearish bets against the company have been on the rise. The ratio of puts to calls is 1.7-to-1, the highest since March 17, the fifth day of trading for the company. The ratio was as high as 3-to-1 shortly after options trading began in mid-March.
Data from the company shows user growth has been slowing as competitors like Facebook start to replicate functionality of its app.
JPMorgan, one of the underwriters for Snap's IPO, lowered its price target Monday, estimating only 8 million people will join the platform in the second quarter compared to the 10 million it previously forecasted.
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