Snapchat stock sure is. The stock plunged to a new all-time low, below $11 a share, after a dismal earnings report that showed stagnant user growth for the social networking app.
Analysts are rushing to cut their ratings on Snapchat parent Snap (SNAP) to a dreaded “sell” and are slashing their price targets. One even thinks the stock could fall as low as $7, and five more analysts now have single-digit price targets as well.
The unveiling of a new release didnt help.
Snap unveiled the redesign in November, intending to make the Snapchat app easier to use. A petition created on the website Change.org titled “Remove the new Snapchat Update” has received more than 1.2 million signatures.
The Snapchat redesign was intended to be more user friendly and compete more with Facebook & Instagram and its owners and developers dont seem to be budging on the issue. “With the release of the new Snapchat update, many users have found that it has not made the app easier to use, but has in fact made many features more difficult,” the petition says.