Snapchat - the stock of the millennial investor
SNAP continue to rally amidst huge interest amongst younger traders
by Abi Moses on 13th March, 2017 and updated 13th March, 2017 10:51am
Shares in SNAP, owners of social media platform Snapchat, continue to hold firm as the exciting new-age company has attracted a host of millennial investors.
After their debut on the New York Stock Exchange, the excitement that surrounded SNAP saw their shares surge by more than 70% in just two days. However, concerns were vocalised by some high profile investors about the 'overpriced stock'. Snapchat are yet to make a profit and offer no voting rights to shareholders, triggering a drop of more than 25%.
The Snapchat phenomenon has continued to rally as the firm has attracted a flurry of new investors. Novice investors that are prepared to put their money and faith into a firm that they have a close affinity to.
One such example is Robinhood user, 25 year-old software engineer, Chris Roh from San Francisco. Despite only trading on Robinhood – a mobile trading app popular amongst the younger generation - for around one month, Roh has invested keenly in SNAP. The new investor said "I bought it even when I was pretty positive I would not make a profit in the short run, but because I am a fan of the product."
Another San Francisco resident and first-time investors, Keleana Markley, a 29 year old HR consultant, said "SNAP just felt like the IPO of my time and seeing where Facebook and Amazon are now, I really think SNAP has the potential to grow [like them]. There are a lot of companies I don't know or recognise, but SNAP, I use the product, and everyone – my friends, my co-workers, even my parents – uses it."
In a recent report released by Robinhood, trading activity on the platform jumped up 50% on the day of SNAP's market debut, with almost half of investors buying shares in the Snapchat creators. The average age of a SNAP shareholder on Robinhood is just 26 years old.
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