NEW YORK (TheStreet) -- As Facebook's  (FB - Get Report)  demographic continues to age, millennials are increasingly spending their time on picture and video sharing app Snapchat instead, according to a new survey by Piper Jaffray

The firm surveyed 10,000 teens across 46 states and found that Snapchat was the social platform used the most by the age group. 

Of those surveyed, 80% said they check Snapchat at least once per month. On the other hand, only 52% of the teens said they checked Facebook at least once per month, which is down from 60% this spring. 

"The millennials have really abandoned Facebook," Circle Squared Alternative Investments CIO Jeff Sica said on Fox Business' "Varney & Company" on Friday morning.

One of the main reasons millennials prefer Snapchat is because of the privacy it provides, Sica claimed. Users can communicate with friends through Snapchat without having to be a part of something "very public," such as Facebook's News Feed, he explained. 

In addition, teens like the "reality" of Snapchat, Sica said. Facebook and Instagram users can easily doctor photos to make everything seem more polished, but Snapchat shows reality as it is, he noted. 

"Millennials want something real and not created," Sica said. 

In 2013 Facebook offered to buy Snapchat for $3 billion but was turned down by then 23-year-old Snapchat CEO Evan Spiegel, sources told the Wall Street Journal at the time. 

Snapchat's parent company Snap Inc. is currently working on a potential initial public offering that could value the company at $25 billion or more as early as late March, the Journal reported last week. 

Shares of Facebook were higher in early-afternoon trading on Friday. 

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Facebook as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that the team rates.

You can view the full analysis from the report here: FB

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