Snap Inc. (NYSE:SNAP) closed on Friday, October 6, 2023, at $5.22, marking a 1.95% increase despite a 24.68% decline over the week. Trading volume reached 89 million shares, significantly above the three-month average of 45.4 million. Since its IPO in 2017, Snap’s stock has plummeted 79%.
In its recent earnings report, Snap exceeded expectations but reported lower-than-forecast ad revenue, coupled with declining daily user numbers. Analysts from B. Riley upgraded Snap to “Buy” from “Neutral,” maintaining a $10 price target, while Stifel upgraded it to “Hold” from “Sell.” Investors are particularly focused on the upcoming launch of Snap’s augmented reality Spectacles this year.
On the broader market, the S&P 500 rose 1.97% to 6,932, and the Nasdaq Composite increased 2.18% to 23,031. Meanwhile, Meta Platforms (NASDAQ:META) closed at $661.46, down 1.31%, and Pinterest (NYSE:PINS) ended the day at $19.60, up 1.45% after announcing workforce reductions to reallocate resources towards artificial intelligence initiatives.
