Shares of Snap Inc. (SNAP) continued their downward spiral on Wednesday following a bearish note from one team of analysts on the Street who doubts that the worst is over for the struggling social media company. The parent company of photo and video sharing app Snapchat saw its stock drop as much as 8.7% to $9.03, an intraday trading low and marking a roughly 60% decline from highs reached after its initial public offering (IPO) in March 2017. 

(See also: Snap, At Record Lows, to Outperform on Recent Executive Hires: Wedbush.)

Bear Will No Longer Wait for Snap to 'Figure Out Monetization'

"We do not believe the pain is over," wrote BTIG analyst Richard Greenfield in a note to clients on Wednesday. "We see the stock being cut in half again over the coming year."

Greenfield reduced his rating on shares of Venice, Calif.-based SNAP to sell and issued a $5 price target, reflecting more than 46% downside from Thursday morning as shares trade up a modest 1.1% at $9.31. Snap stock is down 36.3% year-to-date (YTD) versus the S&P 500 Index's 8.7% gain over the same period. 

BTIG expressed impatience with Snap's management team regarding its inability to meet targets, offer new innovation and monetize its platform. Greenfield wrote that his team made a mistake in October 2017 by giving Snap time to "figure out monetization" due to the view that communications apps "were stick and would protect Snapchat engagement." Since then, the stock has lost over half of its value. 

In the second quarter, while Snap beat both top and bottom line estimates, the tech firm missed forecasts on the number of daily active users, which dropped from 192 million to 188 million. Bears have homed in on the burgeoning popularity of Facebook Inc.'s (FB) Instagram, which has copied many of Snapchat's features including a 24-hour disappearing "story." In response, Snap has attempted to boost engagement and diversify its businesses through efforts such as selling trendy versions of its camera glasses and developing a gaming platform slated for this fall. 

(See also: Snap Inc. Shares Hit All Time Low on New Spectacles.)

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