Snap's stock price is d0wn 3.7% at $22.95 per share on Tuesday after Facebook announced it is is releasing Stories in its main mobile app.
Much like Snapchat, Facebook Stories will allow users to post photos and videos that will disappear after 24 hours.
Tuesday's slide comes after Snap gained about 4.8% on Monday after receiving a slew of bullish ratings from across Wall Street. Here's a rundown of all of the initiations:
- Goldman Sachs: Buy, $27 price target
- Morgan Stanley: Overweight, $28 price target
- Citi: Buy, $27 price target
- RBC: Outperform, $31 price target
- Jefferies: Buy, $30 price target
- Oppenheimer: Market perform
- Credit Suisse: Outperform, $30 price target
- UBS: Neutral, $24 price target
- Stifel: Hold, $24 price target
- Cowen: Outperform, $26 price target
Snapchat priced its IPO at $17 per share, and its first trade on March 2 printed at $24. The stock hit a high of $29.44 on March 3 before falling to a low of $18.90 on March 17.
