Snap is on a streak of gains and is set to close the week at its highest level since July.
The company is trading as high as $15.79 on Friday, which is higher than any close since July 13 when the company closed at $15.69. If the company closes above $15.19, it will close higher than any point in August, which was the first month the company posted a gain since going public.
Now that the lockup periods for Snap have expired, investors are free to focus on new technology releases by the company. The company’s Snap Maps feature is proving useful for those affected by the hurricanes around the Gulf of Mexico, and recent pushes into professionally produced news programs have proven successful for Snap.
Snap is focusing heavily on producing original content as it tries to cement its status among younger users. The company recently announced a partnership program with several college newspapers to produce local news features on its “Discover” platform.
According to Mark Mahaney, an analyst at RBC, the company has already lost to Facebook and Instagram, but it has a chance to carve out its own pocket in the highly-competitive social media landscape. Snap’s users are highly engaged, and its user base is growing but pales in comparison to that of Facebook’s offerings.
In a recent technical analysis of the company’s stock price, Business Insider predicted that the stock would go as high as $16 a share.
Snap is still trading below its initial public offering price of $17, but has been inching back toward that price since hitting its low of $11.83 in mid-August.
- Markets Insider