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Snapchat parent company Snap slipped below the $20 per share mark for the first time today, two weeks after the company started trading on the New York Stock Exchange at $24 per share.

Up-to-the-minute stock alerts don’t reveal much about Snap — the stock may sink lower before the end of the day, or rebound slightly if investors leap at the discount. But this dip reinforces a broader trend: After an investor frenzy, the social media stock is settling down from euphoric highs — closer to its IPO price ($17 per share), and toward what some analysts believe the social media company is actually worth.

Snap is widely considered a risky bet for investors. Snap is not profitable, Snapchat’s growth rate stalled last year, the stock does not offer investors voting rights, and Snapchat users are the object of obsession for Facebook, which has clumsily cloned Snapchat’s novel features inside Instagram and other apps.

Screen Shot 2017-03-16 at 2.09.21 PM

Above: Snap’s stock price at 2:08 p.m. in New York on March 16, 2017.

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