Investing.com - Shares of Snap Inc (NYSE:SNAP) fell in premarket trade on Tuesday, after falling below the company's $17 initial public offering price for the first time ever on Monday.
Snap's stock price fell to an all-time low of $16.99 at market close on Monday just four months after the maker of Snapchat went public in March.
Shares fell on Monday after analysts at Credit Suisse cut their price target on Snap from $30 to $25 per share, based on estimates showing a decline in average revenue per user for the second quarter of 2017.
The firm maintained its “outperform” rating on the stock.
"While we were hoping for Snap to exhibit a more comfortable growth path, we are reminded that nascent companies sometimes grow in fits and starts,Credit Suisse analyst Stephen Ju wrote in a note.
The stock has fallen steadily over the last four months amid investor concerns over Snapchat’s slowing user growth and revenue.
In its first quarter earnings report, the first since its IPO, Snap missed Wall Street’s expectations and posted a $2.2 billion loss, sending shares down more than 20%.