Welcome to the public markets, Snapchat.
Stock for Snap, the company behind Snapchat, fell more than 12 percent Monday, just its third full day of trading. Snap stock finished the day at $23.77 per share, below the $24 opening price it garnered on IPO day last week.
The dip appears to be tied to a number of poor analyst ratings, including five “sell” ratings, which is an unusually high number.
The biggest concern around Snapchat appears to be tied to user growth. Snap has 158 million daily users but added just five million new users in Q4, a hefty decline from earlier in the year.
Of course, Snap is far from doomed just three days into trading — the stock is simply settling after a crazy IPO rush. On IPO day last Thursday, the stock finished the day up 44 percent. It was up another 10 percent Friday, before dipping 12 percent Monday.
This article originally appeared on Recode.net.