Oh, Snap! Analyst’s pan trims 6%

Snap shares tumbled more than 6 percent to an all-time low Tuesday after a Wall Street analyst said the Snapchat parent was in danger of running out of cash by 2020.

Last week, the Venice, Calif.-based Snapchat owner’s 27-year-old CEO, Evan Spiegel, told employees in a 15page memo that the company is gunning for “full-year profitability” in 2019.

Instead, Snap is poised to fall “woefully short” of that goal, losing a projected $1.5 billion next year, according to Michael Nathanson of research boutique MoffatNathanson.

Snap is not only “running out of money” but lacks “options to rectify its cash burn problem,” Nathanson said.

After dropping as much as 8.6 percent to bottom out at an all-time low of $6.84 per share, the social media company’s stock recovered to close at $7 — 59 percent below Snap’s IPO price of $17 per share in March 2017.

Nathanson, who cut his target price on Snap shares to $6.50, said a dearth of suitors only adds to Snap’s woes.

“The most likely acquirers of Facebook and Google are conflicted out due to antitrust concerns,” Nathanson wrote. “Chinese internet giants like Tencent, which has a 12 percent stake already in Snap, would likely be blocked due to national security concerns.”

The analyst noted that Amazon might be interested in a takeover but then pre- dicted it would likely wait for Snap to have “its back against the wall in 2019” before initiating talks.

Nathanson called Facebook the cause of Snap’s woes — the result of its having “unashamedly copied promising product features, such as Stories, and deployed them across its platform.”

The copycat initiatives have undeniably hurt Snap.

Stories on Facebook and Facebook Messenger racked up 300 million DAUs, or daily active users, in September.

Snap, which Nathanson recognized as “the innovator of the Stories product format,” had already been left behind with a mere 188 million DAUs in August.