*By Kavitha Shastry* Shares of Snap fell to a new all-time low Wednesday after BTIG analyst Rich Greenfield slapped the company with a "Sell" rating and cut his price target on the stock to $5 a share. That would be a 70 percent drop for the company since it went public just about 18 months ago. In a note to clients, Greenfield wrote, "We are tired of Snapchat’s excuses for missing numbers and are no longer willing to give management 'time' to figure out monetization." Since going public in March 2017, Snap has fallen short of user growth estimates in five out of six quarters. In its latest report the company posted its first-ever decline in daily usership, with 3 million fewer people logging in to the app. Greenfield doesn't expect things to change any time soon. Among the issues facing the company, he pointed to declining interest and engagement in Snap's Stories and Discover platforms, a lack of new offerings, a failed redesign, and a dearth of social media influencers who actively use the product. It's not the first time Greenfield has expressed his frustration with the company. Last October [he admitted](https://cheddar.com/videos/rich-greenfield-monetization-isnt-happening-as-fast-as-we-thought) he overestimated Snap's ability to turn users into revenue sources and cut his forecasts for what the company could bring in. This is the fourth time he's lowered his expectations. Snap shares traded below the $9 mark early Wednesday. They priced at $17 a share in the IPO.

Share:
More In Business
Michigan Judge Sentences Walmart Shoplifters to Wash Parking Lot Cars
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
State Department Halts Plan to buy $400M of Armored Tesla Vehicles
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
Goodyear Blimp at 100: ‘Floating Piece of Americana’ Still Thriving
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
Load More