Shares of Snap, owner of the popular messaging app Snapchat, have been punished by investor concerns about user growth and waning confidence in the company's ability to ever turn a profit. Canaccord Genuity initiated coverage on shares of Snap in a report on Friday, April 28th. (The) reiterated a "buy" rating and issued a $28.00 price objective on shares of Snap in a research report on Thursday, May 11th.
Snap is down 28.82% since its initial public offering at $17. Nine research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the company's stock. The company presently has a consensus rating of "Hold" and an average price target of $20.90.
Shares fell almost 8 percent to below $13 at one point in after-hours trading after closing at $13.77, up 21 cents on the day. The stock's 50 day moving average price is $15.27 and its 200 day moving average price is $19.19. The firm's market capitalization is $16.23 billion. That said, the company now appears undervalued at the current market price of about $12, as it trades at just over 7x projected 2018 revenues, despite the fact that revenue growth rates are likely to remain in the double digits over the next few years.
Thursday and missed expectations for user growth in its second earnings report since going public.
Some 81% of Snap's second-quarter revenue came from North America, a strong indicator that the company is focusing on monetizing users in the world's largest and most valuable ad market.
Snapchat saw its number of daily active users climb to 173 million in the three months to the end of June, up from 166 million in the previous quarter - but this was below the 175 million expected by analysts.
Snap (NYSE:SNAP) opened at 13.77 on Friday. If you are viewing this story on another website, it was illegally copied and reposted in violation of worldwide trademark and copyright legislation. The correct version of this piece of content can be viewed at https://rinconhillneighbors.org/2017/08/11/snap-inc-snap-receives-average-recommendation-of-hold-from-brokerages.html.
Hedge funds have recently made changes to their positions in the company. Snap also fell short of expectations for revenue. KPCB DGF Associates LLC bought a new stake in shares of Snap during the first quarter valued at $40,911,000. NN Investment Partners Holdings N.V. increased its position in Snap by 6.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company's stock valued at $134,000 after buying an additional 6,540 shares during the last quarter.
Despite its struggles, some Snap watchers remain optimistic about the company's future.
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