Finance Snapchat can't hold $20 (SNAP)

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Snap inc. stock price is up for the day but the snapchat stocks closed below $20.00 again.

Screen Shot 2017 03 20 at 4.11.02 PM play

Screen Shot 2017 03 20 at 4.11.02 PM

(Cadie Thompson/Business Insider)

Snap Inc. stock price gained on Monday, but failed to hold the $20 level. Shares rallied more than 4% on Monday morning after Monness analyst James Cakmak initiated coverage with a "buy" rating. This was Snap's first ever "buy" rating from an analyst. Cakmak has a price target of $25 on Snap's stock. However, the stock pared its gains before the lunchtime hour.

The bulls and the bears battled it out over the key $20 level, but the bears managed to gain the upper hand and push Snap below $20 by the close. Snap shares closed up 2.05% at $19.94.

Before Monday, Snap had no "buy" ratings, five "hold" ratings, and six "sell" ratings according to Bloomberg.

Shares of Snapchat plunged 11% last week, nearing the IPO price of $17, as traders loaded up on bets against the company.

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