The past year has been a bumpy ride for most of Wall Street, as investors pulled out of the market and uncertainty weighed on share prices. However, for social media firm Snap Inc. (NYSE:SNAP) and Snap stock, the ride has been especially turbulent.

Snap stock has lost nearly 80% of its value since its IPO two years ago, but there’s a chance that SNAP stock price will fall even further in the next 12 months. So far in 2019, analysts’ views on the stock could give you whiplash; one week Snap stock was upgraded, but the next a senior executive left SNAP, prompting a number of analysts to call on investors to sell Snap stock. 

So has SNAP stock price hit the bottom or does it have further to fall? Here’s a look at what the bulls and the bears are saying about Snap stock.

Bulls Say…

As a social media firm, SNAP relies heavily on advertising revenue, but competition from Facebook’s (NASDAQ:FB) Instagram has been luring both users and potential clients away from SNAP. However, SNAP has been working on a new update to its Android app, and some analysts think the change will reignite users’ enthusiasm.

According to Citigroup analyst Mark May, advertisers are also looking forward to the new app and believe that some of the changes will make it easier for SNAP to distribute content. May pointed to the increase in SNAP’s per-user revenue in the third quarter as a sign of good things to come. He believes that kind of growth is important and he thinks that Snap stock could rally if the company’s user metrics improve this year.

Another reason bulls like SNAP is the fact that SNAP stock price is so low. The selloff of Snap stock has brought the company’s valuation down significantly, according to May, who wrote that SNAP’s valuation is now far below that of its peers Twitter (NYSE:TWTR) and Facebook. 

Bears Say…

Sure, when you compare the stocks’ price-sales ratios, SNAP’s valuation is lower than that of Facebook and Twitter. However, when you look at other metrics like free cash flow and profitability, TWTR and FB win hands down. So, the valuation of Snap stock really depends on how you look at it. The bears argue that SNAP actually isn’t cheap because it’s not profitable and at the end of the day, isn’t that what business is all about?

On top of that, the bears are nervous about Snap’s ability to stay afloat. For one thing, SNAP has yet to prove to advertisers that its platform is as valuable as other social networks. Susquehanna analyst Stacey Gilbert says, “advertisers simply aren’t seeing the return on investments that other platforms like Facebook and Instagram are doing.” 

Will SNAP’s upcoming updates change that situation? Bears don’t think so; if the past has taught us anything, it’s that a well-funded company like Facebook is prepared to shamelessly copy any features that Snapchat offers in order to hold on to its top-dog spot in the social media space. 

Even more concerning has been the mass exodus of executives from Snap. Most recently, investors watched CFO Tim Stone headed for the door just eight months after he started. That’s troubling for two reasons: first, as S&P Global portfolio manager Erin Gibbs pointed out, “The fact that your CFO is walking away from 80% of the stock that he got as a signing bonus is a clear indication of how he thinks the company is going to go.”

Secondly, it confirms what many, myself included, have speculated about co-founder and CEO Evan Spiegel’s management style: it’s not great. He has struggled to keep a team together over the past two years, something that should cause investors to raise their brows even if the company was wildly profitable. 

Bulls or Bears?

While I respect the bull case on Snap stock and I love an underdog stock, I’m sticking with the bears on this one. SNAP’s business is flawed and since I don’t trust Spiegel, I can’t agree with the optimists who think a fix is on the horizon. With the market already delivering plenty of volatility, I don’t think Snap stock is a great bet. SNAP stock price is reflective of the company’s potential and I see more negative catalysts for SNAP than positive catalysts. 

As of this writing, Laura Hoy was long FB.