Can Snap Stock Snap Back? Why Its 47% Year-to-Date Plunge Might Be a Buying Opportunity.
(NYSE: SNAP) is the parent company of social media platform Snapchat. Its stock has been an underperformer since late 2021, crashing along with much of the tech sector around that time. It's down 47% so far in 2024 as investors appear unhappy with the company's modest revenue growth (relative to its peers) and its ongoing losses.
The company's business has had an added issue to manage since 2021 thanks to Apple changing its privacy policies for apps available on its devices. The change made it harder for application developers within its ecosystem to track their users across the internet. That meant social media platforms like Snapchat had a much tougher time selling highly targeted advertising slots.
Solving that problem remains challenging, but Snap is finding ways to innovate and is making clear progress. There's also a key reason Snap's business could thrive again. Here's why the drop in its stock this year could be a long-term buying opportunity.
Source Fool.com
Snap Inc Stock
Our community is currently high on Snap Inc with 14 Buy predictions and 4 Sell predictions.
As a result the target price of 12 € shows a very positive potential of 63.09% compared to the current price of 7.36 € for Snap Inc.
