Stock Market Today, Feb. 6: Snap's Fallen Almost 25% This Week, Even After Today's Gains
Snap (NYSE:SNAP), a developer of the Snapchat visual messaging app with AR features, closed Friday at $5.22, up 1.95%. The stock has still fallen 24.68% this week. It gained today as investors reassessed Snap’s post-earnings sell-off in the light of analyst upgrades.
Trading volume reached 89.0 million shares, coming in about 96% above its three-month average of 45.4 million shares. Snap IPO'd in 2017 and has fallen 79% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 1.97% to 6,932, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 2.18% to finish at 23,031. Among social media peers, Meta Platforms (NASDAQ:META) closed at $661.46, down 1.31%, while Pinterest (NYSE:PINS) ended at $19.60, up 1.45%. Pinterest announced a workforce reallocation, cutting almost 15% of its staff, as it focuses more attention on artificial intelligence (AI) activities.
What this means for investors
Snap’s slight rebound today came after a difficult week for the company. Wednesday’s Q4 earnings beat expectations, but ad revenue was lower than forecast. Falling daily user numbers also raised concerns, particularly given potential regulatory challenges that could restrict under-18s from using its services.
It pared losses slightly after B. Riley upgraded the stock to Buy from Neutral, maintaining a $10 price target. The analyst argued Snap is successfully developing new revenue opportunities. Today, Stifel upgraded Snap to Hold from Sell.
Investors will be watching Snap’s augmented reality Spectacles launch, due this year. Snap’s push for an early-mover advantage could backfire if the quality isn’t there.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms and Pinterest. The Motley Fool has a disclosure policy.
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