Snap is soaring higher

Snap, the parent company of social media app Snapchat, is having another big day.

Snap is up 6.33% as of 10:23 a.m EST, having gained roughly 1.7% on March 21.

The company just received its second "Buy" rating from Wall Street analysts, with investment banking firm Drexel Hamilton putting a $30 price target on the stock. Snap previously had one "buy" rating, five "hold" ratings, and six "sells."

Drexel Hamilton said:

"We view Snap as a platform for the imagination that unlocks the creativity of its users and allows uninhibited expression with friends. Snap is a fun place to spend time which can be monetized."

Snap rose more than 40% on its first day of trading on March 3, hitting a high of $28.84 soon after. Since then, the stock has been trending downward. It's currently down almost 26% from its all time high.

Markets Insider