Analysts at MoffettNathanson sent a message to Twitter on Tuesday: Get it together.
In a note that said "hope is not a strategy," the firm downgraded Twitter to "sell" from "neutral," citing advertiser fatigue, a tough road ahead and saying the company's new initiatives are "too little, too late."
"While initiatives like the monetization of logged-out users and courting direct response advertisers through ROI and measurement partnerships like the DoubleClick integration could lead to some stabilization and possibly upside in late '16/ early '17, they probably do too little, too late. The small likelihood of a meaningful payoff doesn't justify owning the stock here," the analysts said in a note to investors.
After publication of the note, Twitter shares closed down more than 6 percent on Tuesday. The stock has fallen more than 39 percent in 2016 and has shed 61 percent over the past year.
TWTR 12-month chart