Snap shares slid on Friday, hovering around $19, after Mizuho initiated coverage on the company at "neutral" with a price target of $20.
The parent company of Snapchat closed down nearly 2 percent Friday, marking an 11.5 percent decline for the week. The stock fell 18.5 percent in the week that ended March 10.
Mizuho's coverage came as Snap has raised some eyebrows on Wall Street, with analysts flagging the company's slowing user growth, widening losses and lack of voting rights for outside investors.
On Thursday, Snap shares fell below $20 for the first time, nearing an IPO price of $17 per share, after it got hit with another sell rating.
Needham - Underperform (Sell)
Atlantic Equities - Underweight (Sell)
Morningstar - (Sell)
Aegis - (Hold)
Susquehanna - (Hold)
Nomura Instinet - Reduce (Sell)
Pivotal Research - (Sell)
CFRA Research - (Hold)
FBN Securities - Sector Perform
Cantor - Underweight
MoffettNathanson - (Sell)
Mizuho - Neutral
—Reuters contributed to this report.
(Disclosure: CNBC parent NBCUniversal is an investor in Snap.)