Snap's share price sinks, trades just above IPO price

For instance, mobile ad spending in the United States is projected to stand at $88.8 billion in 2020, per IDC, a sum which is more than the next nine top ad markets put together.

Before Snap launched its IPO, there were already certain signs that investors should stay away from buying the company's shares.

For the June quarter, analysts are expecting Snap to report a loss of $170 million or $0.27 per share. KPCB DGF Associates LLC bought a new stake in shares of Snap during the first quarter valued at $40,911,000. Benjamin F. Edwards & Company Inc. acquired a new position in Snap during the first quarter worth approximately $158,000.

Snap Inc. founder Evan Spiegel.

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The stock traded as high as $29.44 in the days immediately after its market debut but has since declined. 13,700,565 shares of the company were exchanged. The stock now has an average rating of "Hold" and an average target price of $21.84. Snap has a 12-month low of $17.00 and a 12-month high of $29.44. The stock's market cap is $20.04 billion.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the Zacks' consensus estimate of ($2.05) by $0.26. The firm's revenue for the quarter was up 285.6% on a year-over-year basis. "Short sellers have been paying expensive borrow rates since the middle of May and now they have a $195 million cushion to make the 46 day wait until the first lockup expiry more comfortable", Dusaniwsky said. If you are viewing this article on another site, it was copied illegally and reposted in violation of United States & global trademark and copyright law. The correct version of this piece of content can be viewed at https://www.thestockobserver.com/2017/06/16/cambridge-investment-research-advisors-inc-buys-shares-of-29362-snap-inc-snap.html.

The user bases of social media properties often tend to be geographically concentrated (WeChat in China, BBM in Indonesia) and Snap is strongest in the lucrative North American market.

However, Cramer cautioned that, while the news provided a temporary bump for Snap, around 900 million shares will come unlocked from initial investors in August, which could put further downward pressure prices. Pivotal Research assumed coverage on Snap in a research report on Thursday, March 2nd.

(Copyright © 2015. All Rights Reserved.)
 
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