collected by :Molly Tony
After just under one week on the open market, Snap’s stock price has reached a high of $28.84 and a low of $20.80.
Will the current unpredictability of Snap’s stock price scare inexperienced millennials into selling early?
An initial public offering is one of the first steps to getting a privately-owned company onto the public stock market.
The average age of Robinhood users who bought Snap stock is a mere 26, four years younger than Robinhood’s average user age of 30.
What is most striking about Snap’s IPO is the number of millennials who have made their first foray into the stock market thanks to Snap.
as mentioned in
Snapchat: Snap Inc. Shares Fell Below $20 for the First Time
Snap Inc. Shares Fell Below $20 for the First TimeSnap Inc shares tumbled below $20 on Thursday for the first time since the company’s $3.4 billion public listing after the Snapchat owner received another “sell” rating from an analyst.
The stock ( snap ) remains up 17% from its $17 IPO price set on March 1.
MoffettNathanson analyst Michael Nathanson on Thursday launched coverage of Snap with a “sell” rating, warning in a note that “the market has priced SNAP for perfection.”
Including Nathanson, six analysts recommend selling shares of Snap, while three have neutral ratings and none recommend buying, according to Thomson Reuters data.
Snap was down 4% at $19.92 in afternoon trade.
as mentioned in Snap had previously received largely negative ratings from other analysts, which contributed to the stock’s poor post-IPO performance.
With this flurry of analyst upgrades, Snap stock has partially recovered.
Snap stock was up 6% at 2:30 p.m. EDT to about $24.10 per share.
So whatWith the 25-day quiet period following Snap’s IPO, the positive commentary poured in on Monday.
With shares of Snap trading for more than 60 times sales, investors buying the stock are taking a massive leap of faith.