September has been a turbulent month for Snapchat’s parent company and Wednesday morning proved especially troublesome for the app maker. Snap, Inc. (SNAP) shares dropped as much as 10 percent before noon on Wednesday after one analyst cut his price target to a mere $5 per share.

The share price’s dip below $9 was a new low for the company, which has struggled mightily on the market since its March 2017 IPO. Richard Greenfield of BTIG criticized the company for its lackluster performance, setting his price target to $5 over the next 12 months in a note cited by CNBC.

"We are tired of Snapchat's excuses for missing numbers and are no longer willing to give management 'time' to figure out monetization," Greenfield said.

GettyImages-1032050084 Netflix shares went down 10 percent on Wednesday. A view of the Snapchat Logo during Teen Vogue's Body Party Presented By Snapchat on September 11, 2018 in New York City. Photo: Cindy Ord/Getty Images for Teen Vogue

Shares of Snap have dropped more than 60 percent since the company went public in March 2017.

The Los Angeles-based tech firm has struggled in September. Before Wednesday’s slide, the previous low point for the stock came on Sept. 6, when it dipped below $10 per share for the first time.

Things got worse on Monday when Snap’s strategy chief Imran Khan left after over three years with the company. The right-hand man to CEO Evan Spiegel, Khan had reportedly been in charge of the company’s business dealings during his tenure. Snap shares dipped after the announcement.

However, things looked to be trending slightly upward for Snap on Tuesday. The company was able to recoup some of its share price losses after Wedbush analyst Michael Pachter showed increased confidence in the firm by increasing his price target. The stock rebounded after its Monday loss due in part to Pachter’s note.

A catastrophic app redesign in late 2017 left Snapchat users disillusioned. The app has lost daily active users since then, reducing investor confidence in the product. Users have mostly flocked to Snapchat’s main competitor, Instagram, for their photo and video-sharing needs. A report earlier this year found that Instagram’s Stories feature, which appeared to be inspired by Snapchat, now has twice as many users as Snapchat.