PRISM Company Spotlight: Snap Sees Stellar November Performance
Technology company, Snap, Inc. (NYSE: SNAP) has enjoyed a stellar November with its share price rising almost 30% during the month. This will be the company’s best month in three years. On Thursday, Snap’s share price got a 6.5% boost, and more than 23 million shares changed hands, after it was announced the company would be upgraded from Hold to Buy at Jefferies. Analyst, James Heaney, also raised the company’s price target from $12 to $16, a potential 23.3% upside over the prior closing price for the stock.
Jefferies expressed confidence that the advertising trends will improve for Snap and expects the company to have “a pathway back to revenue growth over the next three to five years.” Mr. Heaney also stated he expects Snap to see a revenue increase of 15% year-on-year in fiscal 2024, on the continued strength of its premium subscription.
Snap’s stock has rallied over 50% since late September when the company issued its financial results for Q3 2023. Highlights from the statement included a revenue increase of 5% year-over-year to $1,189 million, a rise in daily active users of 12% year-over-year to 406 million, net loss of $368 million and adjusted EBITDA of $40 million.
About Snap, Inc.
Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.
