Stifel Nicolaus upgraded Snap from a hold rating to a buy rating and boosted their target price for the stock from $15.24 to $22.00 in a research report on Thursday.
The average rating on FactSet is hold and the average price target is $20.29.
Snap closed down 8.7 percent at $15.50, falling below its price for its initial public offering (IPO) in March of $17.
Instinet restated their sell rating on shares of Snap Inc. OTR Global initiated the shares of SNAP in report on Friday, March 24 with "Positive" rating. Monness Crespi & Hardt began coverage on shares of Snap in a research note on Monday, March 20th. Nine research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have given a buy rating to the company. The median price target of $19 has fallen about 21 percent in the last three months.
Shares in the owner of Snapchat rose 2.62% to US$15.64 in USA pre-market trading after reaching a record low of US$15.21 yesterday on the back of a Morgan Stanley downgrade. 14,645,605 shares of the company's stock traded hands. The firm's market cap is $10.42 billion. Snap also was the recipient of unusually large options trading on Tuesday.
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"Buying interest in call options with strike prices above the current stock price is often a sign that players are positioning for a short-term move higher in the stock", said Ruffy. This is an increase of 259% compared to the typical volume of 16,010 put options.
Snap (NYSE:SNAP) last announced its earnings results on Wednesday, May 10th. Credit Suisse Group reaffirmed an outperform rating and issued a $25.00 target price (down from $30.00) on shares of Snap in a report on Monday. The company had revenue of $149.60 million for the quarter, compared to the consensus estimate of $158.32 million. Snap's revenue was up 285.6% compared to the same quarter a year ago.
"We have been wrong about Snap's ability to innovate and improve its ad product this year (improving scalability, targeting, measurability, etc.) and user monetization", wrote Morgan Stanley analyst Brian Nowak. Snapchat will cover the event, as well as future races, through its Our Stories feature, meaning that it will editorially curate Snaps generated by attendees. Some investors are starting to Snap's low price as an attractive entry point, with shares down 37.49% since its IPO. The rating has been disclosed in a research report on 11 July. Ltd. purchased a new position in Snap during the first quarter worth $223,000. NN Investment Partners Holdings N.V. raised its stake in Snap by 6.3% in the second quarter.