What's Going On With Snap Stock?

Author: Erica Kollmann | April 29, 2024 01:10pm

Snap, Inc. (NYSE:SNAP) shares are trading higher Monday, and the stock is up more than 30% over the past five days. Here's a look at what's going on. 

What To Know:

Snap reported better-than-expected first-quarter results last Thursday. Snapchat grew to over 422 million daily active users, an increase of 39 million, or 10% year-over-year, and the number of Snapchat+ subscribers more than tripled year-over-year, surpassing 9 million subscribers in the first quarter. 

A slew of analysts raised their price targets on the stock after the print: 

• Truist Securities analyst Youssef Squali maintained Snap with a Hold and raised the price target from $12 to $16.
• Goldman Sachs analyst Eric Sheridan maintained a Neutral rating and raised the price target on Snap shares from $13.50 to $16.
• RBC Capital analyst Brad Erickson maintained a Sector Perform rating and raised the price target from $13 to $16 on the stock. 
• Barclays analyst maintained Snap with an Overweight and raised the price target from $15 to $17.
• Wells Fargo analyst maintained its Overweight rating and raised the price target on the stock from $16 to $18.

Related News: What’s Going On With ImmunityBio Stock?

Should I Sell My Snap Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Snap have increased by 68.61% in the past year. An investor who bought shares of Snap at the beginning of the year would take a loss of $1.42 per share if they sold it today. The stock has risen 30.84% over the past month, meaning an investor who bought shares on March 1 would see a capital gain of $3.69.

Snap shares have an all-time high of $83.11, representing 464.61% upside from current levels.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Snap stock currently has an RSI of 89.64, indicating overbought conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

SNAP Price Action: According to Benzinga Pro, Snap shares are up 0.69% at $14.65 at the time of publication Monday.

Image: Shutterstock

Posted In: SNAP