Snap slides below $15 for the first time (SNAP)

Snap IPO

Snap is trading lower again on Tuesday.

The ephemeral messaging company broke below $15 a share for the first time in early trading Tuesday, continuing its recent losing streak. Shares fell 1.35% to trade at $14.93 on, an all-time intraday low.

Snap saw a number of downgrades from major investors around the time it broke below its initial public offering price of $17 earlier this month.

Morgan Stanley, one of Snap's underwriters, downgraded the stock last week and cut its price target by 46% to $16. The firm did so in an embarrassing admission of over-optimism.

Cowen followed Morgan Stanley and downgraded Snap several days later. The research firm lowered its price target from $21 to $17.

Investors are worried that Snap's user growth will be impacted by strong competition from apps like Facebook and Instagram, which have been known to replicate Snap's features in their own apps.

Some investors are seeing the low share price as an attractive entry point, however.

Barclays thinks the best time to buy will come after a lockup expiration at the end of the month. July 31 will be the first day a large swath of shares held by company insiders will be able to trade freely. Barclays thinks a rush of selling on that date will push down the price further and make for an attractive entry point for hesitant Snap investors.

Then there's Stifel, which thinks investors simply just don't understand Snap. Investors seem to like Twitter because they are avid users of the platform, even though financials are weak at the company, according to Stifel. Snap has the opposite problem, where new revenue channels are opening at the company even as the share prices drop because investors don't use or understand Snapchat.

Shares of Snap have fallen 39.33% since the March IPO.