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Shares of Snap Inc. (SNAP - Free Report) continued their post-earnings rebound on Monday, gaining more than 8% after new filings revealed several Wall Street juggernauts own the stock.
Giant investment firms Fidelity and BlackRock (BLK) reported owning Snap shares at the end of March, while notable hedge funds like Daniel Loeb’s Third Point Management and Daniel Och’s Och-Ziff Capital Management also reported owning stakes in the app maker.
Shares of Snap gained 8.36%, or $1.60, to $20.74. The stock is continuing its recovery after Snap failed to impress investors with its first-ever earnings report last week.
Snap lost more than 20% of its value after the release of its first-quarter earnings details last Wednesday afternoon. Having blown through nearly $2.3 billion in the quarter, Snap posted a loss of $2.31 per share. The company blamed a good portion of its spending on stock-based compensation expenses related to its IPO, but investors simply weren’t pleased by the state of its balance sheet.
Today’s gain marks another impressive trading session in its continued recovery, as the stock moved more than 6.5% higher on Friday. Snap shares surged at the end of the week after several key analyst ratings remained bullish.
Drexel Hamilton analyst Brian White called the post-earnings sell-off an “excellent buying opportunity,” while an analyst team from JMP Securities cited increased engagement as a reason to be optimistic. Citigroup maintained its “Buy” rating for the stock, and Cantor Fitzgerald upgraded the stock to “Underweight.”
For now, Snap remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Here's Why Snap Stock Soared Again Today
Shares of Snap Inc. (SNAP - Free Report) continued their post-earnings rebound on Monday, gaining more than 8% after new filings revealed several Wall Street juggernauts own the stock.
Giant investment firms Fidelity and BlackRock (BLK) reported owning Snap shares at the end of March, while notable hedge funds like Daniel Loeb’s Third Point Management and Daniel Och’s Och-Ziff Capital Management also reported owning stakes in the app maker.
Shares of Snap gained 8.36%, or $1.60, to $20.74. The stock is continuing its recovery after Snap failed to impress investors with its first-ever earnings report last week.
Snap lost more than 20% of its value after the release of its first-quarter earnings details last Wednesday afternoon. Having blown through nearly $2.3 billion in the quarter, Snap posted a loss of $2.31 per share. The company blamed a good portion of its spending on stock-based compensation expenses related to its IPO, but investors simply weren’t pleased by the state of its balance sheet.
Today’s gain marks another impressive trading session in its continued recovery, as the stock moved more than 6.5% higher on Friday. Snap shares surged at the end of the week after several key analyst ratings remained bullish.
Drexel Hamilton analyst Brian White called the post-earnings sell-off an “excellent buying opportunity,” while an analyst team from JMP Securities cited increased engagement as a reason to be optimistic. Citigroup maintained its “Buy” rating for the stock, and Cantor Fitzgerald upgraded the stock to “Underweight.”
For now, Snap remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>