Snapchat is diving (SNAP)

Snapchat'sstock price is diving on Wednesday, down 4.29% at$21.19 as of 1:22 p.m.ET.Shares have rebounded since hitting a low of $18.90 on March 17, but are down 14% since reaching an all-time high of $28.84 on March 3.On Tuesday, disgruntled former Snap employee,Anthony Pompliano,asked a judge to unseal the allegations he made against Snapchat in a January lawsuit.Pompliano was poached from Facebook and fired by Snapchat three weeks later.Pompliano says that he found out that Snapchatwas dishonest in its disclosure of metrics to investors and that the unsealing ofcourt documents will reveal what he found to the public.Business Insider's Alex Heath wrote:In Pompliano'sopposition on Tuesday to Snap, his lawyers argue that "Snap's outsized valuation is built on a house of cards" that has been "systematically built through a coordinated effort from Snap's executives to personally reward themselves with billions of dollars by maliciously manipulating metrics, suppressing metrics that put the company in a negative light, and even, at times, blatantly misleading professional investors, employees, advertisers, and now, retail investors."Last week, Snapchat received a slew of outperform and buy ratings from Wall Street analysts, which boosted the stock price. However,that excitementwas struck downwhen Facebook announced the release of softwareto compete with Snapchat.Here are the ratings from thearticle written by,Akin Oyedele.Goldman Sachs: Buy, $27 price targetMorgan Stanley: Overweight, $28 price targetCiti: Buy, $27 price targetRBC: Outperform, $31 price targetJefferies: Buy, $30 price targetOppenheimer: Market performCredit Suisse: Outperform, $30 price targetUBS: Neutral, $24 price targetStifel: Hold, $24 price targetCowen: Outperform, $26 price targetClick here for a real-time Snap inc. chart.Join the conversation about this storyNOW WATCH: 7 mega-billionaires who made a fortune last year
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