Snap Stock Rallies Today Alongside an Update from a Top Wall Street Analyst

Snap (SNAP) stock rallied on Tuesday alongside an analyst update and other news. Starting with today’s latest analyst coverage of SNAP stock, five-star Bernstein analyst Mark Shmulik reiterated a Hold rating and an $8 price target for the social media company, suggesting a possible 75.44% upside for the shares.

Interestingly, Shmulik’s new coverage came ahead of a massive rally for SNAP stock. However, it doesn’t appear that the analyst’s neutral stance is behind this movement. Instead, traders will take note of a move that was reportedly made by activist investor Irenic Capital Management. The investor has allegedly acquired a 2.5% stake in SNAP and has sent a letter to management requesting operational changes.

Considering the reports of a stake from Irenic Capital Management, SNAP stock could receive additional analyst coverage in the days to come. It will be interesting to see if other analysts follow Shmulik’s neutral position on SNAP stock, or whether the Irenic Capital Management news will change their positions. Additionally, SNAP stock could see further gains if the Irenic Capital Management reports are confirmed.

SNAP Stock Movement Today

Snap stock was up 13.56% on Tuesday, but was still down 43.49% year-to-date. The stock has also fallen 54.98% over the past 12 months, as a tech selloff has weighed down the shares.

Today’s Snap news put extra attention on the stock, which triggered heavy trading. As of this writing, more than 78.61 million shares have changed hands, compared to a three-month daily average of about 39.36 million shares.

Is Snap Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Snap is Hold, based on three Buy, 20 Hold, and two Sell ratings over the past three months. With that comes an average SNAP stock price target of $7.90, representing a potential 73.44% upside for the shares.