So Snapchat, now known as Snap, Inc. (SNAP) went public last week and it was a feeding frenzy. Shares priced at $17 started trading at $24 and closed that first day at $24.48 with 217 million shares traded. Friday they piled on an additional $2.61 closing at $27.09.
I believe at one point the total estimated value of Snap was well over $40 billion. Incredible for a company that lost $500 million last year. And they don’t have any competition…right? We’ll see.
But their timing is perfect. Coming public at a time when bullish readings on the stock market are at 30 year highs…at least the Investor’s Intelligence Advisors Survey last week was. With the stock market at all-time highs and consumer confidence at the highest since 2000 it’s “party on Wayne”! Continue reading