Snap Inc SNAP shares are trading higher by 4.87% to $14.98 Thursday afternoon. Evercore ISI maintained the stock with an Outperform rating but lowered its price target from $36 to $26.
Snap shares have fallen 67.79% on a year-to-date basis amid overall market weakness following Federal Reserve policy tightening. Recent rate hikes have pressured stocks across sectors and driven a selloff in tech-related names. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
See Also: Why AMD, Nvidia And Taiwan Semiconductor Manufacturing Shares Are Rising Today
Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
According to data from Benzinga Pro, Snap has a 52-week high of $83.34 and a 52-week low of $11.88.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
