Most people are aware that Snap, Inc. (NYSE:$SNAP) has been struggling as of late, and on Thursday, we will see the extent of that struggle after the Venice, California-based company posts quarterly results. However, as one analyst has said, things are “getting interesting” for the beaten-down stock.
On Wednesday, shares of Snap rallied as options traders prepare for the quarter results. After the closing bell, shares of the social media company closed up 4.15% at $13.56. Even though this is still well below the $17 IPO offering price, it is still welcome news for investors.
Based on recent options transactions, it seems traders are forecasting a 15% one-day swing for the Snap stock in either direction after the quarterly results are posted.
Meanwhile, FBN Securities analyst Shebly Seyrafi cut his price target for Snap’s stock today from $21 to $17. He wrote that at current levels Snap is “getting interesting” and could potentially become an acquisition target for Facebook, Inc. (NASDAQ:$FB).
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