Finance Snapchat can't hold $20 (SNAP)

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Snap inc. stock price is up for the day but the snapchat stocks closed below $20.00 again.

Screen Shot 2017 03 20 at 4.11.02 PM play

Screen Shot 2017 03 20 at 4.11.02 PM

(Cadie Thompson/Business Insider)

Snap Inc. stock price gained on Monday, but failed to hold the $20 level. Shares rallied more than 4% on Monday morning after Monness analyst James Cakmak initiated coverage with a "buy" rating. This was Snap's first ever "buy" rating from an analyst. However, the stock pared its gains before the lunchtime hour.

The bulls and the bears battled it out over the key $20 level, but the bears managed to gain the upper hand and push Snap below $20 by the close. Snap shares closed up 2.05% at $19.94.

Before Monday, Snap had no "buy" ratings, five "hold" ratings, and six "sell" ratings according to Bloomberg.

Shares of Snapchat plunged 11% last week, nearing the IPO price of $17, as traders loaded up on bets against the company.