SNAP - Is Snap Stock a Buy Below $12 per Share?
2024-03-03 06:10:00 ET
The pain train just continues for Snap (NYSE: SNAP) shareholders. After rising 89% in 2023, the social media platform and smartphone app saw its shares collapse below $12 after posting another quarter of losses. Despite growing its user count, Snap has failed to generate ad revenue on par with competing social media companies like Meta Platforms .
After its recent fall, Snap now trades close to $11 per share and is off 87% from its all-time high. Does that make the stock a buy, or is there more pain ahead for Snap shareholders?
Snap started as a messaging and ephemeral photo-sharing application more than a decade ago. Today, it remains a messaging app for hundreds of millions around the globe but has morphed -- or, more aptly, is trying to morph -- into a full-fledged entertainment platform. People continue to join the platform with daily active users (DAUs) growing 10% year over year to 414 million in the fourth quarter. This makes Snap one of the largest smartphone apps in the world, and it's only growing in popularity.
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Is Snap Stock a Buy Below $12 per Share?