Snap’s (NYSE: SNAP) shares are trading down 2.69% at $14.15 on Friday, Business Insider reports.
Snap was up 29.42% from its low on August 11. It has since lost some of that gain and is now up only 11.49% over the past month.
Snap is down about 16.76% since its March IPO at $17.
This slide comes on the news that Instagram announced its "Stories" feature, which is a clone of a feature that appeared first on Snapchat, will now be viewable online as well as through the app.
So Snap is facing extremely strong competition from Facebook (XETRA: FB2A) and Instagram, keeping however high engagement especially among youngsters that are highly desirable to advertisers.