Snap Makes New Low, Rebounds

Snap Inc SNAP shares were trading lower by 6 cents at $12.59 in Thursday's session. The stock has shed well over half of its value since it peaked on its second day of trading at $29.44.

Today marks the fourth day in a row and ninth time in its last 10 sessions that it made a new all-time low.

After a flat open, Snap found resistance just ahead of Wednesday's high ($12.67), only reaching $12.65 before turning lower. The ensuing decline has taken the stock well beyond its former all-time low of $12.52 all the way to $11.90.

Aggressive buyers then came into the stock, which has come back to make a new high for the session at $12.70 as of 1:27 p.m. ET. In order to avoid posting another all-time closing low, it will need to end the session above Wednesday's close of $12.65.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!