What's Going On With Snap Stock Today?

Snap Inc SNAP shares are trading higher on above-average volume Monday, potentially rebounding following recent weakness stemming from the company's third-quarter financial results.

What Happened: Last week, Snap reported third-quarter revenue of $1.13 billion, which beat average analyst estimates of $1.12 billion, according to Benzinga Pro. The company reported quarterly earnings of 8 cents per share, which beat average analyst estimates for a loss of 1 cent per share. 

Snap said daily active users reached 363 million in the third quarter, up 19% year-over-year.

Snap shares traded sharply lower after Snap held back guidance citing an uncertain operating environment. Several analysts also downgraded or lowered price targets on the stock following Snap's quarterly results. 

Related Link: Snap Inc Posts Q3 Revenue, EPS Beat, Announces Share Buyback, But The Stock Is Plunging For This Reason

Snap's average session volume over a 100-day period is about 58.4 million. Monday's trading volume has already exceeded 63 million at time of publication.

BofA analyst Justin Post downgraded Meta Platforms from Buy to Neutral and cut the price target from $196 to $150 on Monday. The analyst anticipates a significant slowdown in ad spending heading into 2023 as advertisers reduce budgets.

SNAP Price Action: Snap has a 52-week high of $47.71 and a 52-week low of $7.33.

The stock was up 5.14% at $8.18 Monday morning, according to Benzinga Pro.

Photo: Souvik Banerjee from Pixabay.