Friday, 28 July, 2017

Snap Plunges on First Earnings Report as Public Company

Mae Harvey | 13 May, 2017, 09:59

Snap stock was down 24% on the news during afterhours trading. They now have a $27.00 target price on the stock.

A number of other brokerages have also recently weighed in on SNAP.

The company rebranded as Snap Inc last year, and its $3.4 billion public listing in March was the hottest technology offering in three years. They issued a "neutral" rating on the stock. Atlantic Securities started coverage on shares of Snap in a report on Tuesday, February 21st. Nomura initiated coverage on Snap in a research report on Thursday, March 2nd. Finally, Barclays PLC reaffirmed an "equal weight" rating and set a $18.00 price objective (down previously from $24.00) on shares of Snap in a research report on Thursday.

Deutsche Bank, which also served as an underwriter on the IPO and received the fourth-most shares after the offering priced, also has a buy rating on Snap's stock and a price target of $23. The stock had a trading volume of 61,124,607 shares. The stock's market cap is $18.30 billion. Snap has a 12-month low of $17.59 and a 12-month high of $29.44. The firm has a 50 day moving average of $21.70 and a 200-day moving average of $21.79.

Snap (NYSE:SNAP) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) EPS for the quarter, missing the consensus estimate of ($2.05) by $0.26.

Although revenue for Snap was close to quadrupled during the quarter, it rose to only $150 million and was short of what analysts on Wall Street estimated of $158 million.

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North Korea showed off its military might during a parade in Pyongyang on Saturday, in celebration of its founder's birthday. Unlike at some previous parades attended by Kim, there did not appear to be a senior Chinese official in attendance.

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France's CAC 40 index, which last week touched the highest level since early 2008, slipped 0.8 percent to 5,391 on Monday. Helena Alves, Thomas Adamson, Philippe Sotto in Paris and Carlo Piovano in London contributed.

Average revenue per user (ARPU) was 90 cents in the first quarter, up from 33 cents the same quarter a year earlier, but below the $1.05 per user in the fourth quarter of 2016. On average, equities analysts anticipate that Snap will post ($0.54) earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: "Snap Inc (SNAP) Raised to "Buy" at Vetr Inc." was first published by Transcript Daily and is the property of of Transcript Daily. If you are accessing this report on another publication, it was stolen and republished in violation of worldwide copyright & trademark laws.

The new features enable users to loop videos for repeated play or to re-view an incoming Snap for as long as they like without the normal automatic deletion kicking in after one viewing. Finally, Essex Investment Management Co. Commerzbank Aktiengesellschaft FI bought a new stake in Snap during the first quarter valued at approximately $2,837,000.

Snap Inc, formerly Snapchat, Inc, is a camera company.

"I think we really help people understand how valuable the camera is, because it's really the center of everything that we do", Spiegel said.

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