Snap shares drop 4 percent, fall below $20 for the first time | Reuters
By Noel Randewich | SAN FRANCISCO SAN FRANCISCO Snap Inc (SNAP.N) shares tumbled below $20 on Thursday for the first time since the company's $3.4 billion public listing after the Snapchat owner received another "sell" rating from an analyst.For graphic on Snap Inc. since its IPO, click - here The social media company this month pulled off the hottest technology offering in three years, but after two days of explosive gains its stock has steadily retreated from a peak of more than $29 as investors worry about Snap's high valuation and lack of profitability. Snap was down 4 percent at $19.92 in afternoon trade.MoffettNathanson analyst Michael Nathanson on Thursday launched coverage of Snap with a "sell" rating, warning in a note that "the market has priced SNAP for perfection." Others on Wall Street have flagged Snap's slowing user growth, widening losses and lack of voting rights for outside investors
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| Reuters appeared first on Firstpost.