Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.