Snap Inc SNAP shares are trading lower by $1.80 (5 percent) at $25.29 in Monday's session. The new IPO, which was originally priced at $17.00, opened last Thursday at $24.00, reached $26.05 and closed at $24.48 on its inaugural trading day.
The enthusiasm carried over into its second day of trading and after a higher open, it never look back. On Friday, it reached $29.44 before falling back to settle at $27.09.
Despite negative ink in Barron's over the weekend and continued skepticism over the true value of the company by Wall Street analysts, it managed a higher open. However, the rally lasted only $0.07 before it peaked at $28.25 and reversed course. It has continued to make new lows for the session, with the current one standing at $25.00.
Being such a new issue, there are very few relevant technical levels to focus on. With that being said, its closing price on its first day of trading ($24.48) will be an area of interest for early buyers of the issue. Beyond that level, its all-time low of $23.50 may attract a barrage of selling if it's ever breached.
See Also:
The Road Ahead For Snap: What Does It Mean To Be A Camera Company?
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