LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Snap shares wither more as filings show some investors bailing

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Aug 14, 2017
07:54 pm
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Snap Inc shares fell 4 percent on Monday after U.S. securities filings showed some funds dissolving their stakes in the social media company and another brokerage lowered its price target on the stock.

Shares of the Snapchat parent are likely to face new pressure on Monday, when employees for the first time are allowed to sell their stock following the company`s blockbuster initial public offering.

Monday is also the deadline for hedge funds and other institutional investors to report their quarter-end holdings of U.S. equities.

Initial securities filings since Friday show Third Point LLC and Temasek Holdings dissolved their stakes in Snap entirely.

The new pressure on Snap`s stock follows a disappointing quarterly report last week that sent it down 14 percent on Friday to a closing low of $11.83, far below its IPO price of $17. On Monday, the shares fell another 3.8 percent to $11.38 after being among the most actively traded stocks before the market opened.

Wall Street is increasingly worried that Snap is succumbing to competition from Facebook Inc`s Instagram.

Instagram, which has adopted features from Snapchat, has 250 million daily active users, compared with Snapchat`s 173 million at the end of the second quarter, fewer than Wall Street had expected.

Cantor Fitzgerald, which rates the stock "neutral," lowered its price target to $15 from $17.

"We remain on the sidelines until we see signs of re-acceleration in user growth, an inflection on Snap pricing... and/or get closer to the end of the lock-up expiration," analyst Kip Paulson said in a research note.

Starting on Monday, employees are allowed to sell hundreds of millions of their shares for the first time since Snap`s $3.4 billion market debut in March, the largest U.S. IPO in years.

That follows an expiry at the end of July on restrictions from early investors owning around 400 million shares.

To try to reassure investors, Snap Chief Executive Officer Evan Spiegel and co-founder Robert Murphy on Thursday committed to not sell any of their combined 422 million shares in 2017.

Close to 800 million shares become eligible for trading on Monday, including Spiegel and Murphy`s stakes, according to JPMorgan analyst Doug Anmuth.

Snapchat is popular among people under 30 who like decorating their pictures with bunny faces and other filters. But following the IPO, investors have become more concerned that it might never become profitable.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

YES Bank stock! Expert suggests Rs 17-18 target price for this lender

Anil Singhvi recommends BUY on DLF; know the key levels and TARGET here

Cancel CBSE Board Exam 2021: After Arvind Kejriwal, Punjab CM Amarinder Singh says POSTPONE CBSE board exams, shoots off letter to Pokhriyal

Even in pandemic FY21 NOT a DUD – Money raised via IPOs, FPOs up by a WHOPPING 115%

NATA 2021 Result to be ANNOUNCED on THIS DATE at nata.in - check all details here

Rajasthan School Latest Exam News Today: GOOD NEWS! Students of classes 6 and 7 to get promoted without exams - check details here

Avenue Supermarts (DMART) share price: IDBI Capital pegs target price at Rs 3699

Infosys results TODAY: Expert pegs target price at Rs 1560-Rs 1600

What expert said about these Rakesh Jhunjhunwala stocks in gaming space - Delta Corp, Nazara Technologies

Infosys employee count - Up 7 pct YoY even as attrition picks up to 15.2 pct on-quarter basis

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved