Shares of Square, the newly public payment technology company founded and led by Twitter CEO Jack Dorsey, have fallen below its original IPO price. Square's stock price dropped as low as $8.75 per share in early trading Wednesday morning, compared to the company's initial IPO price of $9 per share in November.
Since the beginning of the year, Square's stock price has dropped 33% from around $13 per share.
Get Data Sheet, Fortune's daily newsletter about the business of technology.
Earlier in the year, Jefferies and Goldman Sachs, which were both underwriters of the company’s IPO, said in research notes they were both bullish about company’s strategy of selling business services alongside its payments software and credit card reader. In addition to collecting revenue from credit card payments, Square has focused on selling additional features to merchants like invoicing, payroll, cash advances, appointment scheduling, and marketing features.
But these investors could also be concerned about the company's growing losses and slowing revenue growth. In its original public IPO filing with the SEC, Square reported a $77.6 million loss for the first six months of 2015 compared to a $79 million loss during the same period in 2014. Meanwhile, revenues rose to $560.5 million from $372 million during the same six months. In a more recent third quarter filing in 2015, Square posted a loss of $53.9 million on $332.2 million in revenue, indicating slower revenue growth than before and widening losses.
For more on Square's IPO watch this video:
Another concern for investors could be Dorsey's dual CEO roles at both Twitter and Square (sq). Many have doubted whether Dorsey can successfully be the CEO of two publicly traded companies, but Square and Dorsey have tried to minimize that concern by pointing to the payments company’s deep bench of executive talent.
Meanwhile, Twitter (twtr) stock has also taken a massive hit, dropping over 50% in the past six months to a new low of $15.48 cent