For those interested in online media investing or social media investing, take note of the following: On Friday, in midday trade, Snap Inc. (NYSE:$SNAP) increased 3.9%. This is significant as it puts the company on track for back-to-back gains for the first time in five weeks.
Snap Inc. – the maker of the disappearing-messaging app Snapchat – has seen its stock run up 13% since it reached a record intraday low of $11.90 yesterday. On Thursday, Snap’s stock was down as much as 5.9% before a rally to end the day up 2.2%. However, the stock was still down 1.8% since it closed at $13.67 on July 31, the day the company’s post-IPO lockup period expired.
Before Thursday’s gain, Snap’s stock dropped in 17 of the previous 20 trading sessions. The last time the stock was able to increase for more than one day was the three-session win streak, which ended on June 29. Even then, it was still 21% below the IPO price of $17.
It’s worth noting that the Venice, California-based company is set to report Q2 earnings results after the market close on August 10. Over the course of the past three months, Snap’s stock has fallen 41%, while rival Facebook (NASDAQ:$FB) has seen its shares rally 12%.
Featured Image: twitter
