Snap (NYSE: SNAP) shares increased by 2.7% to close at $7.33 on Tuesday, marking its third consecutive day of gains. This uptick occurred despite heavy trading volume of 102.7 million shares—more than double its three-month average—and a previous 52-week intraday low of $6.90 earlier in the day. The broader market, however, declined, with the S&P 500 down 0.7% and the Nasdaq Composite down 0.8%.
Snap’s stock has struggled recently following a disappointing Q2 earnings report in early August, which revealed slower revenue growth. The company is also facing a pending class-action lawsuit alleging it misled investors regarding ad performance. Other social media stocks had mixed results, with Pinterest (NYSE: PINS) gaining 0.3% to $36.73, and Meta Platforms (NASDAQ: META) dropping 0.5% to $735.11.
