Till the year-end 2023, our price prediction for SNAP’s stock would go slightly higher than the price it’s currently trading at, i.e. 3.2 What is the expected Snap price action for the near and long-term future?Īs the macroeconomic and competition challenges are likely to stay, what are the chances for SNAP to recover? Let’s look into the latest developments, technical analysis, and analysts’ views that may affect the Snap stock outlook in a long run.3.1 Why did the Snap stock drop so much from its pick?.Instagram is in third place on the top list. ByteDance’s TikTok has surpassed Snap as the most favourite social media platform among US teens, according to recent surveys. But the social media company known for the ‘ghost’ logo that represents its vanishing video and messages is facing fierce competition. SNAP’s founder and CEO, Evan Spiegel, blamed deteriorating macroeconomic headwinds for the company’s gloomy outlook. The fall has shrunk the company’s market capitalisation to $18.21 billion, down from $131.48 billion in September last year, when the stock was at its all-time high. shows, as of 14 November 2022, its share price closed at $11.29 or about 33.6% below its initial public offering price of $17 per share.
The second sell-off occurred on 23 July triggered by disappointing second-quarter results, causing the company’s share to plummet about 39%.Īs the below stock performance chart of Snap Inc. On, the share crashed 43% to $12.79 a share, after the company’s downward revision of its revenue and EBITDA targets for 2023. Since then, it has been moving downwards, especially after facing two big sell-offs within two months during this year. Its stock price has been trending upwards, reaching its all-time high of $83.11 a share on 24 September 2021. (stock ticker: SNAP) is a US-based operator of the popular instant messaging application Snapchat, which IPO-ed back in March 2017, pricing its public offering at $17 per share.
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