Snap Loses $6B in Market Value Despite CEO Spiegel's Confidence in Future

Marco Green
May 22, 2017

The stock presently has a consensus rating of "Hold" and a consensus price target of $22.47.

According to CNBC, Snap Inc. traders are almost a decade younger than the average age of those trading retail equities. The firm's market capitalization is $17.80 billion. The company reported ($2.31) EPS for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. Revenue was also lower than expected with the company bringing in $149.6 million in the quarter instead of the $159 million that analysts expected. This is three times what it was at the same time past year but with a sharp decline from the previous quarter. Analysts were only anticipating a loss per share of $0.19.

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"Snap reported light 1Q17 earnings, representing a decline in revenues vs. 4Q16, which while consistent with the company's prior guidance, nonetheless represents a surprising element of seasonality in the business, and risks of less growth ahead than we previously expected.As a very-early stage company, Snap remains incredibly hard to value vs. other companies in our coverage universe". Prospera Financial Services Inc bought a new position in shares of Snap during the first quarter valued at approximately $418,000. WFG Advisors LP bought a new position in Snap during the first quarter worth about $109,000. Finally, Mirae Asset Global Investments Co. Finally, Jennison Associates LLC bought a new position in shares of Snap during the first quarter valued at approximately $119,178,000.

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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