Snap's shares took a dive after its earnings report was released. 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 period. The company presently has an average rating of "Hold" and an average target price of $20.44. (NYSE:SNAP) opened at 13.77 on Friday.
Since it first appeared on the public markets, Snap has described itself as a "camera company", but has given little indication on plans to move into hardware or its broader strategy. The company's 50-day moving average is $15.37 and its 200-day moving average is $19.24. The firm's market capitalization is $16.23 billion.
Spiegel looked to alleviate some of those fears on Snap's conference call on Thursday.
"Wall Street will expect to see continued user growth and increased engagement despite Snap's arguments that it's prioritizing quality over quantity", Axios media reporter Sara Fischer writes. The company's revenue for the quarter was up 285.6% on a year-over-year basis.
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Snap reported a loss of $116 million in the same quarter a year ago.
The only reason Snap was able to go public in March with relatively little revenue, a scant track record and a insane rate of cash burn was that the company has been clever about repeatedly coming up with fresh ideas to keep its mostly young fans returning to the app.
ILLEGAL ACTIVITY WARNING: This news story was originally reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this article on another publication, it was illegally stolen and reposted in violation of United States & global trademark and copyright legislation. The legal version of this article can be accessed at https://www.baseball-news-blog.com/2017/08/09/snap-inc-nysesnap-rating-reiterated-by-wells-fargo-company-updated-updated.html. Snap also stands to gain from its recent investments in ad tech. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Snap during the first quarter worth approximately $158,000.
Sales of Spectacles, Snap's eyeglasses with built-in cameras, fell during the second quarter, per Drew Vollero, the company's chief financial officer. Narwhal Capital Management acquired a new position in shares of Snap during the first quarter valued at about $282,000. The company leveraged its Windows platform to pulverize Netscape, which would go on to lose much of its market share within a few years. "Snap has tremendous potential if it can capitalize on the opportunity in front of it as an alternative platform for advertisers", but the company is "under pressure from multiple fronts".