Technology stocks plunged Wednesday and included one notable company falling below its IPO price just weeks after going public. Shares of SurveyMonkey’s (SVMK) dropped 7.12 percent, sinking below its IPO price of $12 for the first time.

SurveyMonkey went public on Sept. 26, soaring 60 percent to $18.75 on its first day. However, it's been on a steady decline ever since.

 


 

 

Wednesday’s large decline may have had less to do with anything SurveyMonkey did in particular and more to do with a pessimistic day on Wall Street. The Dow lost 831 points, with tech companies suffering their worst day since August 2011.

Amazon’s (AMZN) share price plummeted by 6.15 percent, while Snap (SNAP) and Facebook FB) did not fare much better.

GettyImages-1045675114 SurveyMonkey traded below its IPO price on Wednesday. Traders work on the floor of the New York Stock Exchange (NYSE) on October 4, 2018 in New York City. Photo: Spencer Platt/Getty Images

As its name suggests, SurveyMonkey primarily trades in online survey tools that allow users to create surveys, distribute them and analyze the results. There are services for both individual consumers and companies. Though some of its offerings are free, SurveyMonkey's revenue comes from selling paid plans with more features to around 600,000 customers, according to MarketWatch.

The Silicon Valley-based company has over 16 million active global users.