They're down 45% in the last 6 months. 53% the last 12. They're flagging. None of their cutesy hardware has taken off in the past (remember spectacles?).
Are these all flagging companies as well?
Snap is nearly its IPO price. SNAP's last quarter revenue was down from 4 straight quarters of growth.
FB, NVDA, AMD, AMZN, GM, GOOGL, etc. are all up orders of magnitude from IPO.
It's a fair argument to say that the market is being corrected, and that SNAP is not on a trajectory similar to it's peers (FB, TWTR).
It's worth more than that, sure, but the correction happened almost immediately after the IPO.
Which is why being so far up from its bottom 2 years ago is important.
Although measuring it from March 20' is somewhat deceptive as the whole marked dipped, that wasn't snap specific.