Snap claws back gains
Snap's share price shoots up after 'cooling off period'
by Abi Moses on 28th March, 2017 and updated 28th March, 2017 12:48pmWhile enjoying a turbulent start to its floatation on the New York Stock Exchange, news of the Snap share price has been pretty inescapable, with analysts from all over the world having their say. Entering just last month, many criticised the shares for being overpriced, entering the exchange with an IPO of $17. Considering the social business I yet to turn a profit, we can understand why many traders would have their reservations. However, with ratings from Citi, Goldman Sachs, Morgan Stanley Jefferies and RBC Capital Markets initiated, stock overperformed above Snap's wildest dreams, working with shares close to $30 a pop.
However, following the initial excitement, interest started to rally off, seeing the share price of just shy of $18; a lot close to the IPO.
On Friday, it has clawed back gains, closing at $22.74. Displaying huge confidence in its community of investors, many analysts predict further positive movements.
The ratings come after the required 25 day "quiet period" for underwriters of the blockbuster IPO.
RBC said in its note: "Snap has become an innovation leader – for both consumers and advertisers – in arguably the single fastest advertising medium today – mobile. It has also emerged as one of the leading media platforms for millennials.
"We believe that if it sustains its current level of innovation, it can sustain premium growth for a long time and scale to profitability."
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