Snapchat’s summer of stock misery continues: Shares of Snap fell more than 3% in morning trading Wednesday after Instagram released metrics indicating it’s gaining share on Snapchat among younger users.

Snap shares were trading at $12.73 per share, down 2.8%, as of 11:30 a.m. ET Wednesday. That’s 25% lower than the initial public offering price of $17 per share, and more than 50% off its peak closing price of $27.09 per share on March 3 (the day after its IPO). Snap’s market cap is now around $15 billion, with the company shedding more than $16 billion in value in its first four months as a public entity.

[UPDATE: Snap closed at $12.65 per share, down 3.4% and a new record low, on Wednesday.]

The decline also comes after S&P Dow Jones Indices revised its methodology so that Snap is no longer eligible to be included in the S&P 500 index, effective Aug. 1. Under the change, companies with multiple share class structures will no longer be added to the S&P 500, S&P MidCap 400 and the S&P SmallCap 600. Snap CEO Evan Spiegel and CTO Bobby Murphy as of the end of the first quarter of 2017 controlled 88.5% of the voting power of the company’s outstanding stock.

“Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues,” S&P Dow Jones Indices said in a statement explaining the change.

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In addition, July 31 marked the end of the post-IPO lockup period of some Snap investors to sell their shares; company employees will be allowed to begin selling shares on Aug. 14.

On Wednesday, Facebook-owned Instagram claimed it’s the most popular app for consumers under 25, who spend 32 minutes daily on average on Instagram. Most of the growth in usage is from Instagram Stories, the feature it introduced one year ago that lets users share posts that stay up for 24 hours before vanishing — a blatant copy of Snapchat Stories. In June, Instagram said it has 250 million daily users for Stories.

According to Snap, Snapchat had 166 million average daily active users in Q1, with an average of about 30 minutes per day spent on the app. The company is scheduled to report second-quarter earnings next Thursday, Aug. 10, after the market closes. Last month, Credit Suisse analysts cut their price target on Snap, from $30 to to $25 per share, based on estimates showing a decline in average revenue per user for the second quarter of 2017.