Down Nearly 90% From Its High, Snap Appears to Be Making a $3.7 Billion Bet On Itself
It's been a bad year for mobile app company Snap (NYSE: SNAP). As recently as last September, Snap stock traded for over $80 per share. But it's now down almost 90% from its high.
Perhaps you've been told that a stock's price per share is unimportant, because in time, the stock price follows business execution. Therefore, you should watch the business, not the stock. And this is excellent advice -- most of the time. But every now and then, the stock price does affect a company's business.
Snap's deep sell-off is actually a problem, and management appears to be addressing this problem by staying the course.
Source Fool.com