The parent company of Snapchat just got hit with another sell rating, and shares are tanking.
With the company’s IPO in the rear-view mirror, MoffettNathanson said it initiated coverage on Snap with a sell rating Thursday, saying the market has now priced the company for perfection.
Snap shares fell below $20 for the first time Thursday, closing the day down more than 4 percent and nearing an IPO price of $17 per share.
