Snapchat's parent plunges more than 12%, closes below first-day open of $24 a share

Wall Street's bearish outlook is finally weighing down Snap.

The stock closed down more than 12 percent at $23.77 a share on its third trading day, below the $24 a share the price it opened on its first day of trading.

While still up considerably from its pricing of $17 a share, the stock neared "bear market" territory at one point, falling 19 percent from its all-time high of $29.44.

The stock has yet to receive a "buy" rating from analysts surveyed by FactSet, but has been dinged with several "sell" ratings.

Investing publication Barron's also predicted over the weekend that the stock price could be chopped in half.

Disclosure: NBCUniversal is an investor in Snap.

— CNBC's Berkeley Lovelace contributed to this report.

CORRECTION: This story has been updated to reflect Snap's stock moves from its opening price of $24 a share and IPO price of $17 a share.