One Wall Street analyst is sick of waiting around for Snap to post stronger numbers and cut his rating to sell, predicting another 50 percent-slide for the social media stock.

Snap, which operates a camera-based phone application that allows people to share photos and short videos, has proved a tough investment for many since its initial public offering in March 2017.

Since the IPO, Snap’s stock is down nearly 60 percent, a slide many have blamed on lackluster engagement growth, slow monetization and disappointing innovation from chief executive Evan Spiegel.

While the Snapchat parent beat on both earnings and revenue in the second quarter, executives disclosed that the app’s number of daily active users dropped to 188 million from 192 million. It also issued guidance that fell short of analyst expectations.

While Snap closed Tuesday at $9.89 per share, the analyst believes it will slide to $5 per share by September 2019. Shares dropped 6 percent in premarket trading following the BTIG downgrade.

Others have pointed to the success of Facebook’s Instagram as a major headwind for the Los Angeles-based Snap. Since Instagram launched its Stories feature just over two years ago, it now has more than twice the daily active users of Snapchat, according to BTIG.

“We have been disappointed in Snap’s product evolution (as have users) and see no reason to believe this will change,” continued Greenfield. “We have not seen any meaningful innovation since the IPO; Snapchat has simply been out-innovated by Instagram.”

Jefferies also cut its forecast on Snap, issuing a new 12-month price target of $11 per share Wednesday.

Disclosure: CNBC’s parent company, NBCUniversal, is an investor in Snap.

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