Published on 1 May 2024 on Motley Fool via Yahoo Finance
1 Super Stock Down 82% You'll Regret Not Buying on the Dip
Snap Inc. (NYSE: SNAP) is the parent company of social media platform Snapchat, and its stock is trading 82% below its all-time high, which was set in 2021. A couple of things happened. Valuations in the technology sector cooled off when the Nasdaq-100 plunged 33% in 2022, and soaring interest rates triggered a slowdown in the advertising industry.
However, Snap stock soared almost 28% last Friday following the release of an overwhelmingly positive set of results for the first quarter of 2024, which suggested the tide might finally be turning. Here's why it might be time to buy Snap stock on the dip.
Snap's focus on innovation is finally paying off