Snap Inc., the social media app, is trending on SimpleFX, going from $10.56 on Tuesday to $11.38 on Wednesday (Oct 19). Investors are expecting good financial results for Q3. Snap is going to publish the numbers tomorrow.
The recent stock price surge means traders expect the revenue and earnings to beat the consensus forecast. Snap’s revenue went up 13% in the second quarter, which was below expectations, despite the daily active users jumping by 18% year-to-year. The slow advertising market hit the company due to the global economic slowdown.
Snap Inc. Soars Over 7 Percent
Some analysts give the target price for Snap at $13 or even $14 per share, which means there’s still room to grow. Make sure you trade Snap today and tomorrow. The earnings come on Thursday after the market closes.