Snap edges toward its IPO price even after a slate of new features
Even after a slate of new announcements, Snap still can't convince investors of its value.
Snap, the messaging company, is falling toward its IPO price on Monday. The company set its IPO at $17 back in March, and after a brief pop, the stock has been falling almost constantly since. Shares are edging down toward $17 as the markets open Monday.
The decline comes despite the company opening a new advertising feature and releasing new features for users.
Snap recently released a maps feature that allows users to see where their friends are as well as drop into popular events that Snap features on the map. In addition to the new options for users, the maps feature should allow the company to sell location-based advertising to place on the map.
In a recent update, the company also added the ability to add links to users' snaps. The feature had existed before, but only for advertisers.
As part of the recent update, Snap also added the ability to select objects in a photo to remove or highlight against pre-programmed backgrounds.
Snap opened for trading at $17.16 on Monday. The company hit its $17 IPO price last month and has been hovering just above that range since.
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