Wall Street has wiped out half of Snap’s value since the days following its IPO.

Shares of the social media company hit a fresh low of $14.63 a share on Tuesday, less than half the stock’s all-time intraday high of $29.44 on March 3.

The stock popped 44 percent on its first trading day, March 2, marking one of the first big technology IPOs since Alibaba. But many investors dropped the stock after Snap reported slower-than-expected user growth in the first quarter, paired with steep IPO expenses. Shares are down nearly 30 percent in the past three months.

Analysts have not been kind to Snap, especially Morgan Stanley. Analysts there downgraded the stock this month — which could be perceived as a bad sign, given that Morgan Stanley helped price the $17-a-share IPO in the first place. (The analysts are separate from the underwriters.)

Still, while the analysts criticized Snap’s ability to “innovate and improve its ad product this year,” Snap has released a slew of new features since it hit the public markets, including a new interactive map called Snap Maps, improved features for editing images, and a browser-based ad management platform. The company has also announced new content, including a show called “Second Chance” about reconnecting with your ex.