Snapchat results show growth in users and revenue

Snapped

(NYSE:SNAP) have received a consensus recommendation of "Hold" from the forty-four research firms that are now covering the stock, MarketBeat reports.

After an initial spate of buying following its stock market debut in March of this year, poor maiden results sent Snap's shares to a 22% loss in a single day and it has maintained a downward trajectory since.

SNAP has been the subject of several research analyst reports. Nine analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fifteen have given a buy rating to the company's stock.

After a rocky earnings report in the first quarter, the pressure was on Snap and Spiegel to turn things around in the second quarter. The stock has slumped 19 percent since Snap's March 1 IPO at $17 a share, closing at $13.77 in NY on Thursday. Raymond James Financial, Inc. initiated coverage on Snap in a research note on Tuesday, April 25th. J P Morgan Chase & Co restated a "neutral" rating and set a $18.00 target price (down previously from $20.00) on shares of Snap in a research report on Monday, June 5th. If the penetration figure doesn't budge in the next earnings report, that could put a wrinkle in Snap's positioning as a complement to Facebook. Snap has a consensus rating of "Hold" and an average price target of $21.02. If you are accessing this report on another site, it was illegally stolen and republished in violation of United States & worldwide trademark & copyright law. The original version of this report can be read at https://www.thestockobserver.com/2017/08/11/snap-inc-snap-shares-bought-by-nn-investment-partners-holdings-n-v-updated-updated.html. Pacer Advisors Inc. purchased a new position in Snap during the first quarter valued at $205,000. Finally, Essex Investment Management Co. LLC purchased a new stake in Snap during the first quarter worth $2,012,000. WFG Advisors LP purchased a new position in Snap during the first quarter valued at $109,000. The company leveraged its Windows platform to pulverize Netscape, which would go on to lose much of its market share within a few years.

Snap (NYSE:SNAP) opened at 13.77 on Wednesday. The stock has a 50-day moving average price of $15.27 and a 200 day moving average price of $19.19. Snap has a 1-year low of $11.90 and a 1-year high of $29.44.

Snap Inc's misfortunes are weighing heavily on Silicon Valley as more loss making tech companies, including Uber and Airbnb, consider stock market sales.

Thursday and missed expectations for user growth in its second earnings report since going public. On a GAAP basis, EPS was negative $0.36, missing a negative $0.30 consensus. The firm had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million.

Snap reported a loss of $116 million in the same quarter past year.

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