Snapchat’s parent company, Snap, had another tough day on Wall Street.
Snap stock almost 10 percent Tuesday, its second straight day of near double-digit declines. It fell more than 12 percent on Monday, closing below its opening day trading price from last week’s IPO.
The stock, which closed at $21.44 Tuesday, is still above the $17 IPO price that bankers and other early investors paid last week.
Good news for Snap investors: A number of those early buyers, including NBCUniversal*, have agreed to hold on to their Snap investment for at least one year. Employees, too, can’t sell stock yet — there is a 150-day lockup period.
Snap has been public for all of four days, and it’s common for stocks to ride a roller coaster early before things settle. The concern around Snap seems to be tied to its potential user growth; a number of analysts have given the stock an early “sell” rating, which is not very common.
Many of the bigger banks, though, including those that were underwriters on the company’s IPO, have not yet issued ratings.
* NBCUniversal is an investor in Vox Media, which owns this site.
This article originally appeared on Recode.net.