Snap Stock Pops on Flurry of Price-Target Hikes

Year-to-date, SNAP boasts a more than 47% lead

Fernanda Horner

Digital Content Manager

Jul 17, 2023 at 10:17 AM

SNAP

The bull notes keep coming for Snap Inc (NYSE:SNAP) this morning. Canaccord Genuity, Goldman Sachs, and Credit Suisse all raised their price targets on the social media stock, with the latter making the biggest adjustment from $16 to $11. At last check, SNAP is up 0.8% at $13.26.

Snap stock is fresh off its July 13 rally to $13.88 -- its highest level so far in 2023. The shares have relied on support form their 20-day moving average since mid-May, and now boast a 47.2% year-to-date lead.

There are two reasons SNAP could have room to run. First, analysts are still mostly pessimistic, with 29 of 32 in question calling the security a tepid "hold" or worse. The 12-month consensus target price of $9.41 is now a 28.6% discount to current levels, suggesting there is still ample room for upgrades and/or additional price-target hikes.

Second, short sellers are firmly in control, with short interest up 14.6% over the last two reporting periods. The 68.73 million shares sold short account for a healthy 5.6% of SNAP's available float.

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