Ever since Snap Inc. (SNAP - Get Report) went public in March, the upstart social media company has been caught between two competing narratives: Is it primed for greatness like Facebook Inc. (FB - Get Report) , or will it prove to be a dud like Twitter Inc. (TWTR - Get Report) ? 

Snap's stock crackled and popped out of the gate, but have since sputtered below the company's IPO price of $17 and faces additional headwinds. Shares of the Snapchat parent company sagged 1.1% to a new all-time low of $15.30 on Wednesday. The shares have fallen almost 38% so far this year, as doubts continue to grow over Snap's ability to quickly scale its business, achieve profitability and fight tough competition from Facebook's Instagram. 

Now that Snap is a little over four months into being a publicly traded company, Wall Street has started to question whether the stock will take the path of Facebook or Twitter's post-IPO performance.

Many referred to Facebook's 2012 IPO as "the Faceplant" because it turned out to be a huge flop. Within months of trading, Facebook's stock shed more than 50% of its value. It took more than a year for shares to trade above the $38 opening price, according to Market Realist, but ever since Facebook showed it could pivot to being a mobile-focused business, it's been pretty much smooth sailing for the tech giant. Facebook shares are up about 318% from its IPO price. 

Twitter, meanwhile, hasn't enjoyed anywhere near as much success. Since going public in 2013, the microblogging website has struggled to continue growing its user base and prove its value to advertisers, all while fending off reported takeover offers from a host of companies. Twitter has struggled to stay above its $26 IPO price and has since lost about a third of its value. 

It remains to be seen whether Snap will reverse course like Facebook, or if it will prove to be an overvalued spectacle like Twitter. 

Snap's shares rose 1% to $15.63 on Thursday morning.

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