With a much weaker competitive edge than six months ago, there's about to be some serious pressure on shares of Snap's stock, an analyst told CNBC on Thursday.
"I think it's a risky and speculative stock, and the data is starting to bear that out," Nomura analyst Anthony DiClemente told "Power Lunch."
Snap, the maker of ephemeral messaging app Snapchat, saw shares fall about 3.5 percent on Thursday, amid DiClemente's bearish research note, and a Bloomberg report that Snap is the year's most-shorted tech IPO so far.
Snap's $3.4 billion March public offering was hotly anticipated, reawakening a struggling U.S. IPO market. Shares rose 44 percent on their first day of trading, with more than the entire 200 million-share offering changing hands within the first day.