Snap Inc. (SNAP) has been a reliable short since its overpriced IPO in March (see “The Banana Republic of Snapchat,” MT April 2017).

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As we recently witnessed, Snapchat (SNAP) began trading on the secondary market, and for the first time in a long time, an IPO gave investors something to be excited about. The Snapchat IPO thrust the topic of millennials and investing into the headlines.
Snap Inc, the owner of messaging app Snapchat, received top ratings from a number of its IPO underwriters on Monday, sending its shares up more than 3 percent in premarket trading.
Shares of Snap Inc jumped 9 % on Wednesday after the owner of messaging app Snapchat received a second analyst "buy" rating following a red-hot public listing this month and with the financial market skeptical about its lofty valuation.
Shares in Snap Inc hit a fresh low on Wednesday, falling as much as 2.6% before clawing back some losses in choppy trading as analysts questioned the company's prospects.
The 2017 advertising revenue forecast for Snap Inc’s Snapchat has been trimmed by $30 million due to higher than expected revenue sharing with its partners, digital marketing firm eMarketer said in its latest ad spending forecast on Tuesday.
Snap Inc's shares fell as much as 10.4 % on Tuesday, opening at their lowest since a blockbuster market debut last week.
NBCUniversal, a unit of Comcast Corp, invested $500 million in Snap Inc. during its IPO as part of a strategic investment and partnership, CNBC reported on Friday, citing sources familiar with the matter.