Home
News
- 1 SNAP stock price has shown a bearish market trend in its all-time price performance.
- 2 Due to the bearish trend, the SNAP stock price reached nearly $9.00 with potential bears’ dominance.
Due to the long-run bearish trend of SNAP stock, it seems like taking its price near to its 52-week low price. From trading above its 200-day moving average and over the overbought zone, SNAP stock price slides below its 20-day moving average. This bearish market trend also pushed its price downwards and below the oversold zone.
Furthermore, in similar packaged software industry stocks, Warrantee Inc. (NASDAQ: WRNT) and Near Intelligence Inc. (NASDAQ: NIR) stock has experienced the most bearish performance in the last month. WRNT stock dropped over 75% while NIR stock has noted about a 73% price decline in the last month.
Will SNAP Stock Price Continue Bearishness?
As per the price analysis, SNAP stock price followed a bearish trend that started a 14% price drop in recent week and over 32% in one month. This weekly and monthly price drop is quite more while compared to its year-to-date (YTD) price performance which is just 1.20%.
It must also be noted that, ahead of its Q2 2023 earnings report, SNAP stock was showing an upside trend which then dropped down with potential bears’ dominance.
After the Q2 2023 result, SNAP stock price has experienced increased activity of bears. Whereas this increased dominance of bears has also taken its price below the oversold zone, shows investors lose confidence. At press time, the pre-market price of the stock is showing more price decline. If this price drop stays during the trading session, then SNAP stock price may start its journey towards a 52-week low.
Q2 2023 Highlights of Snap Inc.
Snap Inc. (NYSE: SNAP), an American camera and social media company, reported its net income in Q2 2023 as negative $377.31 Million. Moreover, SNAP earnings per share (EPS) is also negative $0.24 whereas the estimation was negative $0.25 which accounts for a 2.66% surprise
The revenue of Snap Inc. for the same period amounts to $1.07 Billion despite the estimated figure of $1.05 Billion. For the upcoming quarter, the estimated EPS is negative $0.24, and the revenue is expected to reach $1.11 Billion. The revenue for the last year reached $4.60 Billion, most of which — $4.60 Billion — came from its highest-performing source at the moment, Snapchat.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
