$Snap Inc (SNAP.US)$ shares are falling on heavy trading volume Friday after the company posted a revenue miss for the second-quarter.
The Details: Snap said revenue increased 16% year-over-year to $1.24 billion, but missed analysts' expectations of $1.25 billion for the quarter. The company also reported operating cash flow of negative $21 million and free cash flow of negative $73 million.
Snapchat daily active users grew 9% year-over-year to 432 million, and monthly active users reached 850 million in the quarter.
Multiple analysts have lowered price targets on Snap following the print:
JP Morgan analyst Doug Anmuth maintained an Underweight rating and lowered the price target from $13 to $11.
Susquehanna maintained its Neutral rating and lowered the price target from $15 to $12.
Piper Sandler analyst Thomas Champion reiterated a Neutral and lowered the price target from $15 to $12.
Truist Securities maintained its Hold rating and lowered its price target from $16 to $13.
According to data from Benzinga Pro, Snap's stock has already surpassed its average daily trading volume and is trading well-below its 50-day moving average of $15.33 per share.
Wall Street analysts have an average 12-month price target of $13 on Snap. The Street high target is currently at $16 and the Street low target is $11. Of all the analysts covering Snap, no one has positive ratings, three have neutral ratings and one has a negative rating.
In the last month, six analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Snap have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Snap is 20.63% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
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