SNAP - Why Snap Stock Soared 31% Last Month
2024-05-06 14:05:09 ET
Shares of social media app Snap (NYSE: SNAP) were up 31.1% in April, according to data provided by S&P Global Market Intelligence . It was a quiet month, with shares trading flat until April 25. But then the company reported financial results, and the stock exploded higher.
Snap reported financial results for the first quarter of 2024, showing 21% year-over-year top-line growth, which was its best growth in two years. Analysts widely praised the Q1 report. Perhaps the most impressed was Truist Financial analyst Youssef Squali, who raised his target price for Snap stock by more than 30% to $16 per share, according to The Fly.
Squali praised several things with Snap's business, including improvements to its advertising business, growth in its subscription business, and also greater discipline in keeping expenses under control. Judging by the reaction with the stock price, I believe many investors and analysts share Squali's beliefs regarding Snap.
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Why Snap Stock Soared 31% Last Month