Snap stock hit an all-time low on Thursday when it briefly touched $17 per share, which was the company’s IPO price. As of Thursday afternoon, it was hovering just slightly above that, at $17.07 per share
Update: Snap’s stock closed Thursday at precisely $17 per share.
That means that pretty much everyone who bought Snap stock in the days before it hit public markets is back to even on the deal. But anyone who bought the stock on its IPO day or after is in the red. Snap’s stock has dropped 30 percent in value since it closed at $24.48 on its first full day of trading.
There doesn’t appear to be any particular catalyst for Thursday’s stock dip, but people are concerned about Snap’s user growth and weren’t thrilled with its Q1 revenue, which came in below analyst estimates.
This doesn’t mean Snap is necessarily doomed. Facebook stock, if you will remember, spent its entire first year on the public markets hovering below its IPO price. It’s now worth almost four times its IPO price.
This article originally appeared on Recode.net.