13 May, 2017
Finally, Needham & Company LLC reiterated an "underperform" rating on shares of Snap in a research report on Thursday, March 16th. While Facebook shares did drop post-IPO, the company has shown stability with its user growth and in particular its growth in revenue generation, two things which appear to be blatantly lacking at Snap. They issued a "neutral" rating on the stock. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating and seventeen have assigned a buy rating to the company.
Shares in Snapchats parent company Snap Inc. have plummeted in value by nearly a quarter to the tune of $6 billion. 61,124,607 shares of the stock were exchanged. The firm's 50 day moving average price is $21.70 and its 200-day moving average price is $21.79. Snap has a 52-week low of $18.16 and a 52-week high of $29.44.
Wednesday was the first time Snap had to report its earnings after its IPO back in March, which valued the company at $28bn. The company reported ($2.31) earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of ($2.05) by $0.26. Snap's revenue for the quarter was up 285.6% on a year-over-year basis. As of December 31, 2016, on an average, 158 million people used Snapchat every day to Snap with family, watch Stories from friends, see events from around the world, and explore curated content from publishers. If you are accessing this report on another publication, it was stolen and republished in violation of global copyright & trademark laws. The original version of this piece can be read at https://transcriptdaily.com/2017/05/12/snaps-snap-reduce-rating-reaffirmed-at-instinet.html. Bank of New York Mellon Corp purchased a new position in Snap during the first quarter valued at about $525,000. Prospera Financial Services Inc bought a new position in Snap during the first quarter valued at $418,000. LLC bought a new position in Snap during the first quarter valued at $2,012,000. Finally, Bluestein R H & Co. bought a new stake in shares of Snap during the first quarter worth $439,000.
Imran Khan, chief strategist at Snap, added: "We made good progress this quarter improving the performance and quality of our Snapchat application, especially on Android, which has helped result in increased net user adds and engagement", according to CNBC. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.