With shares of Snapchat’s parent company, Snap Inc. (NYSE:$SNAP) closing just below their Initial Public Offering (IPO) price of $17 at $16.99. Dropping from a $31 billion dollar valuation reached just after its IPO this spring, Snap Inc. currently sits at a market valuation of just $19.9 billion on July 10th, 2017.

This is the first time shares of the company have fallen this low, and implies a slowdown of investor interest. This makes sense, as Snapchat’s user growth has slowed considerably, which affected their revenue figures. Posting an unprecedented $2.2 Billion loss, Snap completely missed Wall Street first-quarter expectations which led to over a 20% plummet in share price.

The recent 1.1% dip on Monday can be attributed to estimate cuts coming from analysts at Credit Suisse as they better reflect the decline in user and revenue growth. Although maintaining their “outperform” rating, Credit Suisse downgraded their target share price to $25 from an original $30 target.

Snapchat, a forum of conversation by disappearing messages, targets, and mostly appeals to, the younger millennial generation. Although Snap Inc. Saw shares soar by over 44% immediately following its IPO on March 2nd, the company’s stock has fallen consistently since. This again is due to the lack of confidence in Snap Inc’s ability to sustain their previous momentum that garnered such a high market valuation.

Earning the title of the most-shorted tech IPO this year (so far), the abnormally high amount of short-sellers on the stock reflects overall investor sentiment on the share price. That is, investors may expect it to fall further, which leads to the anticipation of July 30th when post-IPO selling restrictions on company shares lift. This lift would allow insiders such as (but not limited to), CEO Evan Spiegel, and CTO Bobby Murphy to sell their company stock.

Additionally, it should be noted that investors will have little to say when it comes to Snapchat’s future direction, as the majority of voting rights are in the control of Spiegel and Murphy.

Featured Image: Twitter