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Snapchat takes another hit on Wall Street
12 August 2017, 12:07 | Bernice Figueroa
Snapchat takes another hit on Wall Street
"Snap's challenges will become increasingly important to track, as its main competitor Instagram continues to roll out new (and similar) features to the same user base", Verkasalo warned. UBS AG began coverage on Snap in a report on Monday, March 27th.
Snap Inc. was reeling on Friday morning after posting its second straight underwhelming quarterly report, and nobody is feeling the pain more than CEO Evan Spiegel and Chief Tech Officer Bobby Murphy. Finally, Oppenheimer Holdings, Inc. reaffirmed an "outperform" rating and issued a $23.00 target price on shares of Snap in a research report on Tuesday, July 11th. Raymond James Financial, Inc. initiated coverage on Snap in a research note on Tuesday, April 25th. The company was initially valued at close to $30bn but is now valued at close to half that price.
Snap's shares took a dive after its earnings report was released. Nine analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of "Hold" and an average target price of $20.44.
Snap (SNAP) opened at 13.77 on Friday. The firm has a 50 day moving average of $15.61 and a 200 day moving average of $19.35. The firm's market cap is $16.23 billion.
Spiegel looked to alleviate some of those fears on Snap'sconference call on Thursday.
Until now. Facebook's Instagram Stories, a clear Snapchat clone, has more daily users than Snapchat itself and parent company Snap Inc. should be very anxious.
Revenue, however, is on the up - $181.7m for Q2, up 153 per cent year-on-year, and 21.4 per cent on the previous quarter. The average amount of revenue made per user increased by 109 percent over the year to $1.05. Yet, analysts said the tie-up is less about awesome content for Snap and more about TV networks trying to keep up with increasingly scattered audiences. If you are accessing this piece of content on another domain, it was illegally stolen and reposted in violation of global copyright legislation. The legal version of this article can be accessed at https://www.baseball-news-blog.com/2017/08/09/snap-inc-nysesnap-rating-reiterated-by-wells-fargo-company-updated-updated.html.
Snap has been struggling to shrug off worries of its employees and company insiders flooding the market with new shares. Edge Wealth Management LLC acquired a new stake in Snap during the first quarter valued at approximately $257,000. Pacer Advisors Inc. acquired a new position in shares of Snap during the first quarter worth approximately $205,000. The company's stock had a trading volume of 66,968,083 shares.
Spiegel touted Snapchat's Memories feature, which acts like a camera roll for saving photos and videos that would otherwise expire.
Snap Inc. should be very anxious about Facebook's Instagram Stories, which now has more users than Snapchat itself.
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