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Why a Snapchat Fan Cooled on the Stock

Snapchat’s stock price has been falling, and is back near its initial offering price.

Snap shares have taken a round trip back to their $17 March initial public offering price, as investors have grown concerned about revenue opportunities and the prospect of insiders soon selling shares. Such fears have one of the most bullish Snap analysts paring back his expectations for the company -- at least in the near term.

Credit Suisse analyst Stephen Ju lowered his Snap target price from $30 to $25 on Monday, citing expectations for “raised volatility” in Snap’s...