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Snap stock sinks to IPO price: $17 per share

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Photo via Anthony Quintano on Flickr under the Creative Commons License

Venture Beat reports: “After peaking above $27 per share, Snap’s IPO highs have disappeared. Today the stock settled down to its initial public offering price: $17.When Snap hit the New York Stock Exchange, the newly public company swelled to $24 per share on its first day at a reported valuation of $33.6 billion. The stock fell below $20 per share two weeks later, and has seesawed ever since. Snapchat’s growth rate is lagging and Facebook is getting better at ripping off the app’s trademark features.”

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