Snap Inc (SNAP) Stock Plunges As Q2 Earnings Miss

Roger McNamee

SNAP has been the topic of several other research reports.

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 US$24, compared with an initial public offering price of US$17.

The number of users climbed more than 20% year-on-year. 11,060,603 shares of the company traded hands.

Snap's chief executive, Evan Spiegel, and co-founder Robert Murphy each own 211 million shares and are the company's two largest shareholders. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the second quarter. Snap reported a loss of 16 cents a share, excluding some items, compared to average analyst expectations of 15 cents a share, according to Yahoo Finance.

However, Snapchat's user growth for the quarter was up 21% on the same period previous year. Stock traders purchased 38,482 put options on the company. Seven Bridges Advisors LLC purchased a new stake in Snap during the second quarter worth about $101,000.

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Snapchat delivered another disappointing quarter on Thursday, adding fewer users and bringing in less revenue than Wall Street expected, and the stock dropped as much as 8 percent in early after-hours trading. (The) reaffirmed a "buy" rating and set a $28.00 price objective on shares of Snap in a research report on Thursday, May 11th.

Last month, Morgan Stanley, which helped underwrite Snap's I.P.O., issued a report on the company that questioned the measurement tools that Snap makes for advertisers. Nine research 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.

Snap shares are pluning after the company released its second quarter earnings report, trading down about 13%.

TRADEMARK VIOLATION NOTICE: This piece was posted by Markets Daily and is owned by of Markets Daily. WFG Advisors LP purchased a new stake in Snap during the first quarter worth about $109,000.

FBN Securities analyst Shebly Seyrafi on Wednesday cut his price target for Snap's stock to US$17 from US$21, and wrote that at current levels Snap is "getting interesting" and could become an acquisition target for Facebook Inc (FB.O). If you are viewing this report on another publication, it was stolen and reposted in violation of worldwide trademark & copyright legislation.