Snap shares plunge after earnings disappoint

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       Snap has said its user base may be small but it’s engaged

A number of research firms recently commented on SNAP.

Snap has struggled since going public in March amid concerns about disappointing user growth, mounting losses, and the end of its stock lock-up period, which opens the door for insiders to sell their shares. The stock debuted on March 2 at $24, compared with an initial public offering price of $17.

But Snap has said what makes it so special is that people spend so much time on the app, from 25 to 30 minutes per day. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Prospera Financial Services Inc bought a new stake in shares of Snap during the first quarter worth $418,000.

Snap's results came on the heels of Blue Apron Holdings Inc reporting a wider-than-expected quarterly loss, erasing almost a fifth from the meal-kit delivery service's market value yesterday. The firm's revenue was up 285.6% on a year-over-year basis.

Shares of Snap Inc (SNAP.N) rallied on Wednesday as options traders buckled in for the social media company's quarterly results and after an analyst said the beaten-down stock was "getting interesting". Nine investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fifteen have issued a buy rating to the company's stock. Narwhal Capital Management bought a new stake in shares of Snap during the first quarter worth $282,000. Seven Bridges Advisors LLC purchased a new stake in Snap during the second quarter worth about $101,000.

Shares quickly darted down about 13 percent after Snap posted underwhelming revenue and slowing user growth in its second quarter. Instinet restated a "reduce" rating and issued a $14.00 target price on shares of Snap in a report on Friday, June 9th.

Shares of Snap (NYSE SNAP) opened at 13.747 on Thursday. JPMorgan Chase & Co. acquired a new stake in Snap during the first quarter worth $252,388,000. According to options trading data, traders expect Snap shares to move 17 percent in either direction following the company's earnings report on Thursday after the close. Snap now has a consensus rating of "Hold" and a consensus target price of $20.95. If you are viewing this news story on another website, it was copied illegally and republished in violation of United States & worldwide trademark and copyright laws.

Earnings season upon us and Snap Inc., formerly known as Snapchat, released its earnings report for the quarter that just ended.



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