Snap tumbles below IPO opening price as analysts say 'sell'

New York

AFTER a euphoric market debut, Snap Inc shares dropped for the first time in three days and fell below the opening price of US$24 on their first day of public trading after analysts began weighing in with their thoughts on the company's true valuation.

The parent company of disappearing-photo app maker Snapchat priced shares in its initial public offering last Wednesday and they surged 44 per cent on the first day of trading. On Friday the stock climbed a further 11 per cent.