Snap is bouncing Thursday after plunging to an all-time low, but some say the worst isn't over for the long-suffering stock.

Shares of the Snapchat parent bounced more than 3 percent Thursday, a day after sinking nearly 6 percent amid a broader market sell-off and closing at session lows and bringing its year-to-date losses to 55 percent.

The stock's picture is grimmer considering the stock's performance since its public debut in March 2017; the company has shed $20 billion in market cap since then. Looking at the stock's severe price action a different way, the stock is now on track for its longest weekly losing streak ever, down for 14 straight weeks.

The stock has become grossly oversold, Miller Tabak equity strategist Matt Maley said Wednesday on CNBC's "Trading Nation." While that may give way to a relief rally, as it did in June when the stock's relative strength index dropped to levels similar to those seen this week, the stock may have deeper issues.

"If you do want to play it as a lottery ticket, you can do it that way. The problem is with lottery tickets, they can pay you a lot of money if you hit them, but more time often than not, you lose 100 percent of your money, and you have to be very careful. So on a technical basis it's almost unmarketable, and you really have to look at it on the fundamental basis and see how much cash they have on hand if they can really survive," Maley said.

The company is grappling with increased competition and growing concern from Wall Street about cash reserves. Two firms cut their price targets on the stock last week, citing rising competition.

"They have an awesome product, but this is a great reminder that not all great products make great products, or stocks," Mark Tepper, CEO of Strategic Wealth Partners, said Wednesday on "Trading Nation."

Tepper said he's not particularly optimistic on any social media stocks right now, as he sees Google prevailing as the premium advertiser against the likes of Snap, Facebook and Twitter.

Snap did not immediately reply to a CNBC request for comment.

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