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Snap Slips Below IPO Price, Gets Downgraded by Morgan Stanley
- Firm was also an underwriter, bringing stock to market at $17
- Snapchat parent was the most-shorted of 2017’s tech IPO stocks
Snap Shares Fall Below IPO Price
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Snap Inc. fell below its initial public offering price for the first time and was downgraded by Morgan Stanley amid concerns over competition from Instagram and the ability of Snapchat’s parent to grow as fast as initially expected.
The stock closed down 1.1 percent at $16.99 in New York on Monday, below the $17 IPO price set on March 1. It was down 4.2 percent to $16.27 in premarket trading Tuesday.