Snap stock slumps
Snap stock closed trading on Monday at $23.77 per share, which is a 12.26% drop for the day and nearly 1% below where the company's stock began trading last Thursday after its $3.4 billion IPO.
What happened? A bunch of Wall Street analysts issued "sell" ratings on Snap, which has yet to receive a "buy" rating.
Does it matter? Not really, unless you're a day trader who bought this morning. Remember that the real key date for Snap stock is July 31, since that's when a lot of pre-IPO shareholders (including employees) will be allowed to sell. Or March 2, 2018 for institutional buyers of the IPO at $17 per share, as reports are that such groups are locked up for an entire year.