Published: Sat, August 12, 2017
World Media | By Shelia Harmon

Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Accern also gave news coverage about the company an impact score of 45.0838422636603 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the stock's share price in the near term.

Hedge funds have recently made changes to their positions in the company. Edge Wealth Management LLC acquired a new stake in Snap during the first quarter valued at approximately $257,000. Finally, Mirae Asset Global Investments Co. Currently, 18.2% of the shares of the company are sold short.

Pitched as a fresh, daring alternative to Facebook, Snap garnered widespread attention when it went public in March, debuting at $17 per share.

Snap (NYSE:SNAP) opened at 13.77 on Wednesday.

Altogether, its been a rough few months for shareholders since the company first began trading on the New York Stock Exchange earlier this year. Neither plans to dump stock anytime soon, and the company has waved off rumors of a potential $30-billion acquisition offer from Google. The firm has a 50-day moving average price of $15.27 and a 200-day moving average price of $19.19. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13.

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. On average, analysts anticipate that Snap Inc. will post ($0.56) earnings per share for the current fiscal year.

250 million Snaps are saved to Memories each day. If you are accessing this piece of content on another domain, it was illegally stolen and reposted in violation of worldwide copyright legislation. The correct version of this news story can be viewed at https://stocknewstimes.com/2017/08/11/snap-inc-nysesnap-price-target-cut-to-16-00-by-analysts-at-oppenheimer-holdings-inc.html.

Several other research firms have also recently commented on SNAP. Cowen and Company restated an "outperform" rating and issued a $26.00 price objective on shares of Snap in a report on Tuesday, May 9th. UBS AG upgraded shares of Snap from a "market perform" rating to an "outperform" rating and decreased their price target for the company from $24.00 to $19.00 in a report on Thursday, May 11th.

Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Nine analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have assigned a buy rating to the company's stock. The new target price indicates a possible upside of 0.46% based on the company's last stock close price.

Despite its struggles, some Snap watchers remain optimistic about the company's future.

Snap Inc. should be very anxious about Facebook's Instagram Stories, which now has more users than Snapchat itself.

Like this: