Is SNAP Stock a Buy After Massive Rally? Analysts Weigh In on Snap Price Predictions.
Meta Platforms’ (NASDAQ:FB) disastrous earnings report has echoed through the market today, especially for tech companies. Snap (NYSE:SNAP) fell more than 23% alongside deep losses in the greater Nasdaq. However, as the markets closed, it seems investors’ wallets opened. SNAP stock saw a 61% jump in after-hours trading. Snap price predictions are all over the place following a topsy-turvy day for the social media company.
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Tech stocks have been on a roller coaster ride that won’t seem to end. Is SNAP going to the moon, or will the bears take over yet again?
SNAP is a good example of the growing uncertainty in the stock market. Just this September, the company notched its 52-week high of $83 per share. Since then, shares have been on a decline, and today brought ugliness for investors… at least initially. The stock fell to a 52-week low of $24 before soaring on news of its first quarterly profit.
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Investors are surely scratching their heads wondering where Snap will go next. Can it retake its highs, or was today’s reversal simply a detour before another plunge? Let’s see what the analysts think:
SNAP Stock Price Predictions
According to TipRanks’ consensus of 20 analysts, SNAP is a “strong buy.” With an average 12-month price target of $56, analysts see 130% upside potential for SNAP stock. Clearly they believe Snap’s recent lows will give way to further gains.
CNN’s analyst consensus is similarly bullish on SNAP. Of their 41 analysts, 27 rated the company a “buy,” while 2 rate it “outperform.” However, 12 analysts give SNAP a more tentative “hold” rating. The median price target is $62.
Wallet Investor also has strong faith in the social media company. The site has a one-year forecast of $59 and a five-year price target of $165.83, for a more than 500% upside.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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