EDIT: No doubt if it rises to $25.00 tomorrow it will have 'rebounded' and be worth another hyped headline.
Facebook IPO set target price to 38$. It went down immediately at extreme point falling down to 18$ a share. It only got back to 38$ after around one year. What is the price now? 137$ Not saying this will happen to Snap, just saying IPO-s usually show similar dynamics.
...I did the same
These kinds of stories are like basing a climate change story on unseasonably warm weather.
Motion in the stock right now is noise; possibly profitable noise for some people, but there's very little to draw conclusions from in these post-IPO fluctuations.
Promoting price discovery [1] is one of the fundamental features and functions of a market.
Side note: the line between "speculation" and "investing," where the former refers to short-term shareholding and the latter to a specific set of Graham-Dodd valuation models, is not a general economic term. It only makes sense when discussing Graham-Dodd investment styles, which are a subset of long-term financial investment styles, which are themselves a subset of the market.
One should make a buy/sell decision based on a medium/long term evaluation of the company prospects and try to ignore as much as possible the daily ups and downs.
Lethargy bordering on sloth remains the cornerstone of our investment style: This year we neither bought nor sold a share of five of our six major holdings. -- Warren Buffet in the 1990 letter to the shareholders [1].