Why Snap Shares Are Falling Today

Snap Inc SNAP shares are trading lower on continued weakness after Cowen & Co on Thursday downgraded the stock from Outperform to Market Perform and lowered its price target from $75 to $45.

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Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S.

Snap has a 52-week high of $83.34 and a 52-week low of $36.56.