New York (CNN Business)Snapchat alienated many of its fans — including some celebrities — when it launched a controversial redesign of the app earlier this year. It reporteda drop in daily users in August. And now it seems Wall Street is giving up on Snapchat as well.
Shares of Snap Inc. (SNAP) fell more than 6.5% Thursday to an all-time low after two analysts — Mark May of Citigroup and Anthony DiClemente of Evercore ISI — cut their target on Snapchat to $7 a share.
It’s now trading below $8, and has plunged more than 45% this year.