Snap Shares Plummet After Tech Company Misses Expectations

Snap Shares Plummet After Tech Company Misses Expectations

Snap Shares Plummet After Tech Company Misses Expectations

Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Snap by 654.0% in the second quarter.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. BlackRock Inc. now owns 10,343,549 shares of the company's stock worth $183,805,000 after buying an additional 936,791 shares during the period.

Additionally, its introduction of Snap Map earlier this year has also contributed to the number of snaps published. Edge Wealth Management LLC acquired a new position in shares of Snap during the first quarter valued at about $257,000.

Snap's monetization also remained somewhat sluggish this quarter, with overall quarterly ARPU coming in at $1.05. Private Advisor Group LLC increased its position in Snap by 6.7% in the second quarter. Finally, Mirae Asset Global Investments Co.

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"Bobby and I won't sell any stock, this year", Spiegel promised.

They traded at $11.82 moments after markets opened Friday and were wavering around $12.15 at the time of publication. The firm has a 50-day moving average price of $15.27 and a 200-day moving average price of $19.19.

Snap Inc's misfortunes are weighing heavily on Silicon Valley as more loss making tech companies, including Uber and Airbnb, consider stock market sales. Average revenue per user more than doubled to $1.05 - again below the $1.07 figure that analysts were looking for. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.13.

The firm had 173 million active daily users, up 4% on the prior quarter.

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WARNING: This report was originally reported by Stock Observer and is the property of of Stock Observer. If you are viewing this piece on another domain, it was stolen and republished in violation of United States & worldwide trademark & copyright law. The legal version of this piece can be accessed at Vetr cut shares of Snap from a "buy" rating to a "hold" rating and set a $13.95 target price for the a report on Monday. The company's stock price closed down 19 percent from its IPO price. Goldman Sachs Group, Inc.

Today, Snap did little to change its trajectory when it reported quarterly earnings that missed Wall Street projections. The stock has an average rating of "Hold" and a consensus price target of $20.90.

Snap shares fell by more than 16 percent in after-hours trading after the company released its numbers.

Additionally, Spiegel said the company is working to stabilize the backend infrastructure of Snapchat's Android app. The Company's flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap.

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