My dislike of Snap (NYSE:SNAP) has existed since before its IPO and I made no secret of it afterward either. I guess my point is that I’m not jumping onto the SNAP-tinks bandwagon at this late date.
I have noticed there is a camp that argues SNAP is simply like Facebook (NASDAQ:FB) which also struggled after its IPO, but once it gets on its feet, it’s going to soar. Because, as with Facebook, it has lost over half its value since going public.
My view, however, is that SNAP is utterly different from FB. Instead I think the company is going to follow a path similar to Fitbit (NYSE:FIT), which is basically on a downward grind. There will be spasms of buying from time to time — such as today — as we saw from Blue Apron (NYSE:APRN) a few days ago.
Still, I think SNAP’s future is already laid before us.
