Snap stock was hit hard on Wednesday after several analysts cut their price targets for the stock.
The price target updates start off with Jefferies dropping the Snap (NYSE: SNAP ) stock down to an $11 price target. This would imply that there is still some upside available to Snap stock, which was trading at $9.89 at the close of the day on Tuesday.
"Daily average users and time spent are both trending down in the third quarter in the US, UK, Spain, France, Germany, and Australia based on our third-party data analysis of Android usage," Brent Thill and Brian Fitzgerald, analysts at Jefferies, told Market Insider .
While that may not be the biggest blow to Snap stock, there are two other analysts that have lower price targets for the stock. The first of them is Citigroup with a new price target of $8 per share. That alone isn't good news for Snap stock today, but it gets worse.
The final analyst to weigh in on Snap stock today is BTIG Reserach. It has a much more negative outlook for the stock with a price target of $5. The firm also lowered its rating for the stock to "Sell" today, TheStreet.com notes.
BTIG Reserach analyst Richard Greenfield says this bearish look for Snap stock has to go with the company's poor performance. Management has been having trouble monetizing the service and the stock has suffered because of it. Greenfield notes that it was considering droping his rating for the stock back in Oct. 2017, but held off to give the company more time. Now that time is up.
SNAP stock was down 8% as of noon Wednesday and is down 33% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.