And Snap’s first two earnings reports as a public company also disappointed Wall Street’s expectations. ET You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Since Snap stock fell below its IPO price in July, everyone who bought the shares at their public market debut has lost money on their investment. Snap stock fell nearly 40 on Friday, taking bigger companies down with it. 12.93 Price as of July 20, 2023, 4:00 p.m. Yet while Altaba did not give a reason for why it sold Snap stock, its decision to exit the investment now is another sign that investors are losing patience with the fledgling social media company. Even Snapchat’s biggest rival, Facebook (FB), didn’t perform quite as well: Facebook stock is up just 121% for the same three-year timeframe. In fact, Altaba made more on Snap than it did on its stake in Chinese e-commerce giant Alibaba (BABA), which has returned 96%. Selling the stock not quite three years later, Altaba scored a 177% return on that investment, much better than the 36% the S&P 500 returned over the same period, including dividends. Yahoo invested $25 million in Snapchat in the fall of 2014, when the disappearing photo startup was still a private company. Still, Yahoo - and its successor company Altaba - reaped an impressive return on Snap stock. operates as a camera company in North America, Europe, and internationally. 6:34p Barrons Snap Stock Plunges 25 on Downbeat Call for Revenue NVTA. Since then, Snap’s stock price has fallen roughly 45%. (SNAP) Stock Price, Quote & News - Stock Analysis 13.37 +0.22 (1.64) Jul 17, 2023, 2:05 PM EDT - Market open Financials Statistics Dividends Profile 5D 1Y 5Y No 1Y chart data available About SNAP Snap Inc. Invitae (NYSE: NVTA), a leading medical genetics company, today published its. Right after the Snap IPO this winter, Snapchat stock traded as high as $27 a share, which would have valued Yahoo’s stake (later inherited by Altaba) at almost $125 million. Snap (NYSE:SNAP) Price Target Increased to 13.00 by Analysts at Jefferies Financial Group. That’s far less than what the company might have gotten had it sold Snap stock earlier, soon after the Snapchat parent went public in March.įor example, in April, when Yahoo first disclosed the Snap position, the stake was worth nearly $98 million, with Snap’s stock price above $21. But Altaba said Monday that it sold all of its 4.6 million shares of Snap (SNAP) for $69.3 million last month, equating to a sale price of $15 a share. (SNPO) Stock Price, News, Quote & History - Yahoo Finance SNPO - Snap One Holdings Corp. For Q3 2021, revenue increased 57 y-o-y to 1,067 million while net loss reduced by more. Altaba (AABA), primarily made up of Yahoo’s horde of Alibaba stock, also owned Snap stock, dating back to Yahoo’s investment in Snapchat in 2014. Snap’s stock dropped after revenue missed consensus estimates because of Apple’s new privacy policies. Problem is, revenue growth wasnt up to snuff. Yahoo was renamed Altaba in June following the sale of its core business to Verizon (VZ). Snap stock is down today - but it actually beat earnings by a factor of two last night.
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