Snap Inc. (NYSE:SNAP) Sets New 52-Week Low at $14.16

12 August, 2017, 00:36 | Author: Jeannette Greene
  • Snap Inc. (NYSE:SNAP) Sets New 52-Week Low at $14.16

Is Spiegel alone in his assessment?

Today, Snap did little to change its trajectory when it reported quarterly earnings that missed Wall Street projections.

With sentiment at such ghastly levels, and our view that Snap can monetize its unique position with millennials, we believe the stock is in a bottoming process.

About 55.04 million shares traded or 143.22% up from the average.

Snapchat is now a company that has to prove it's growing and simply saying that there's a long-term plan to do so isn't going to be enough. The rating was maintained by Drexel Hamilton on Monday, July 17 with "Buy".

Credit Suisse analyst Stephen Ju wrote that Snapchat is a scarce asset that offers advertisers access to a coveted demographic: millennials. The company now has a consensus rating of "Hold" and a consensus price target of $20.39. Drexel Hamilton restated a "buy" rating and issued a $30.00 price objective on shares of Snap in a research note on Thursday, May 11th. That said, Snap still appears to be in the early stages of its monetization process. UBS analysts, however, expected for Snap to have 174 million users.

Snap Inc.'s flagship product, Snapchat, has suffered from unfavorable comparisons to Facebook's Instagram Stories, which is a clone meant to compete for the company's users. Snap has a 1-year low of $11.81 and a 1-year high of $29.44. Cowen and Company reiterated an "outperform" rating and set a $26.00 price objective on shares of Snap in a research report on Tuesday, May 9th.

Snapchat picked up fewer users and less revenue in the second quarter than analysts had expected, sending shares of owner Snap Inc. tumbling Thursday afternoon.

On Thursday, the social network (which calls itself a "camera company" now) said it gained 7 million daily active users over the past three months, a modest rise from the 166 million daily active users during its earnings report in May. For comparison, two of Facebook's Snapchat Stories clones, Instagram Stories and WhatsApp Status, have now topped 250 million DAUs. That represents a decline of almost 50 percent from an all-time high of $27.09 on March 3, Snap's second day of trading. It carries an IBD Composite Rating of 14 out of a possible 99. This is an important metric for Snap because because the company says it's a good indicator of its business growth - and a reflection of its strategy to push hard into more mature advertising markets.

Wall Street brokerages expect Snap Inc. Snap's "other" revenue, which is largely comprised of Spectacles sales, was only $5.4 million, down from $8.3 million in the first quarter. Snap presently has an average rating of "Hold" and an average target price of $20.90. Kees said it's too early to determine the impact of new products as well as the effectiveness of Snap's ad platform.



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