My dislike of SNAP has existed since even before its IPO, and I made no secret of it afterward either (see Short Now And Profit from March). I guess my point is that I’m not jumping onto the SNAP Stinks bandwagon at this late date.
I have noticed there is a camp that argues SNAP is simply like Facebook – – another rough start after its IPO, but once it gets on its feet, wow, look out, it’s going to soar. Because, as with Facebook, it’s lost over half its value since going public…
My view, however, is that SNAP is utterly different than FB, and I instead think the company is going to follow a path similar to, say, Fitbit, which basically is on a permanently downward grind. There will be spasms of buying from time to time (such as today, and as with APRN a few days ago, which has already been rendered moot), but I think SNAP’s future is already laid before us.
