Snapchat announced its First Earnings Report, falling short of Expectations

They issued a reduce rating and a $16.00 price target for the company. Drexel Hamilton assumed coverage on shares of Snap in a report on Tuesday, March 21st. They set a "neutral" rating on the stock.

Nomura and Pivotal Research both appear concerned, expecting Snap stock to fall to $14 and $9 per share, respectively. The stock has a consensus rating of Hold and a consensus price target of $22.11.

Shares in Snapchats parent company Snap Inc. have plummeted in value by nearly a quarter – to the tune of $6 billion. The stock had a trading volume of 61,124,607 shares. The firm has a 50-day moving average price of $21.70 and a 200 day moving average price of $21.79.

The market simply has set a very high bar for Snap, with the IPO priced at extremely high valuation multiples seen by only a few other companies such as Facebook or Twitter. Prospera Financial Services Inc bought a new stake in shares of Snap during the first quarter valued at $418,000. The company reported ($2.31) earnings per share for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. Revenue was also lower than expected with the company bringing in $149.6 million in the quarter instead of the $159 million that analysts expected.

Snap said average revenue per user rose 181.3 percent to 90 cents in the first quarter while revenue jumped almost four-fold to $149.6 million. On average, equities analysts anticipate that Snap will post ($0.54) earnings per share for the current fiscal year.

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With the bad news, Snap's stock is TANKING. Jennison Associates LLC purchased a new position in Snap during the first quarter worth about $119,178,000. Bank of New York Mellon Corp acquired a new position in shares of Snap Inc (NYSE:SNAP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). Finally, Gilder Gagnon Howe & Co.

Facebook Inc had also plunged after posting results for the first time in 2012, but has since ensconced itself as a Wall Street darling by transforming the company into an advertising giant. Because I think we really help people understand how valuable the camera is, because it's really the center of everything that we do.