Snap is on track for a 6th straight day of gains
Snap seems to finally emerged from the freefall in its stock price that started shortly after the company's March initial public offering.
Shares are trading higher by 0.93% on Monday at $14.14, and are on track for their sixth straight day of gains. The company gained 4.94% on Friday, and are now up about 20% since the win streak began. However, shares remain below their IPO price of $17.
Snap's gains come after lockup period expirations worries have a chance to wane. Only 20 million of the 1.2 billion shares that were locked up following the IPO have yet to be released. Some executives have cashed in their shares, but co-founders Evan Spiegel and Bobby Murphy have said they will not be selling any shares for a least a year.
Moving past the lockups has allowed new features from the company to shine, like the most recent "Crowd Surf" feature which lets users move around to different angles of a concert in real time.
The company has also found success in its partnership with NBC, which produces "Stay Tuned" a twice-daily news show that has pulled in 29 million viewers in less than a month since its launch.
Click here to watch Snap move in real time...
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report