Snap seems to finally emerged from the freefall in its stock price that started shortly after the company’s March initial public offering.
Shares are trading higher by 0.93% on Monday at $14.14, and are on track for their sixth straight day of gains. The company gained 4.94% on Friday, and are now up about 20% since the win streak began. However, shares remain below their IPO price of $17.
Snap’s gains come after lockup period expirations worries have a chance to wane. Only 20 million of the 1.2 billion shares that were locked up following the IPO have yet to be released. Some executives have cashed in their shares, but co-founders Evan Spiegel and Bobby Murphy have said they will not be selling any shares for a least a year.
Moving past the lockups has allowed new features from the company to shine, like the most recent “Crowd Surf” feature which lets users move around to different angles of a concert in real time.
The company has also found success in its partnership with NBC, which produces “Stay Tuned” a twice-daily news show that has pulled in 29 million viewers in less than a month since its launch.
- Markets Insider