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COVID-19 has sent bored millennials and Generation X consumers flocking toward social media platforms to fill up their socially distanced time — which is great news for Snap’s stock forecast.
For anyone not in the know, Snap Inc (NYSE: SNAP) is the American social media and camera company known for developing the popular app Snapchat.
For the past four years, the company saw a decline in ad prices as it shifted from selling ads manually to automatically. While Snap was about to scale up its business at a faster rate, not every ad was getting its maximum value.
However with the pandemic fully taking over the world in mid-March, online-advertising stocks heavily rebounded and benefited from online-users flooding social media like never before.
Now for the first time in nine years, Snap has reported an influx in the average ad prices. To be more specific, during the first 19 days of the third quarter, advertising sales had increased to 32%.
Not only does this set the scene for a bullish Q3, but this also suggests to the broader market that ad revenue should only keep growing as the economy slowly opens back up.
That’s not the only reason for the brighter SNAP stock forecast: Long-term investors are loving this stock since its Q2 data showed that Snapchat keeps benefitting from the online work-from-home trend. They also believe Snap will get a healthy boost post-pandemic when the advertising environment is projected to thrive.
And lately, SNAP’s stock price is looking so good, I’d bet even Warren Buffett was impressed…
If Snapchat’s jump this week is anything to go by, then the November SNAP stock forecast ain’t looking too shabby.
If you’re one of my Blitz Alerts members, then you know that Snapchat soared over 25% on earnings and rallied 10% last week.
One of my brand-new members personally reached out to me about the long trade they just took on SNAP options. They’re already at a 400% gain… and they didn’t stop there.
After watching today’s video, make sure to leave a comment in the section below. What do you think about the SNAP stock forecast? Have you ever traded SNAP or other social media stocks before? If so, how was your experience? I look forward to hearing from you, traders.