Snap sinks to its IPO price (SNAP)

SnapchatDrew Angerer/Getty Images

Snap, the parent company of Snapchat, just hit its IPO price of $17.

The company has been on a slide ever since the initial bump following its IPO. Snap debuted at $17 and first began trading at $24. It reached its all-time high of $27.09 on March 3, a one day after its IPO.

Many of the banks that underwrote the company’s IPO have become bearish on the stock. JPMorgan is perhaps the most notable, as it has been downbeat on the stock almost since launch.

The company is struggling to innovate faster than its competitors. Facebook has been copying features of Snap’s core app in the Facebook and Instagram apps. Snap released its Spectacles camera, and recently expanded distribution of the product, but has not seen a significant bump to its bottom line.

Click here to follow the company’s share price live…

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