Snap closed at its IPO price on Thursday, with shares hitting $17 for the first time since the company debuted on the New York Stock Exchange.
Shares sank 4.9 percent in intraday trade, and are down 42 percent from their high of $29.44 on March 3, the second day of trading.
The instant messaging and photo application began trading in early March. Its IPO price was $17 a share, and shares surged 44 percent during their first day of trade.
The company reported slowing revenue growth and slowing user growth in its first quarterly earnings report as a public company on May 10.
The ephemeral photo messaging company posted a $515 million loss last year.
Several analysts' sell ratings have cast doubt over the longevity of the company. Only about one third of Wall Street analysts have buy or overweight ratings, with 50 percent of analysts at hold or neutral and another 17 percent with sell or underweight ratings, according to FactSet. Such a mixed view so soon after a large technology IPO is a rarity.
The stock will face more price pressure when 1.2 billion shares become available for sale at the end of July.
— CNBC's Anita Balakrishnan contributed to this report.