782 million shares are eligible to be sold on the last insider lockup expiration (8/14). If Q2 earnings are bad (today after the bell), there's going to be one more plunge down from shortsellers ..... followed by panicking insiders/employees on the 14th.
It'll be much harder to move the stock anywhere near previous IPO levels with that amount of shares potentially hitting the market. The total float would be like 1.1 billion. People better get used to seeing this name in the teens. From a chart/technical perspective, I would already be trying to trade this for a bounce (based on weekly signals) ....... alas it's too risky given the earnings and lockup expiration so close.
Snap misses across the board for Q2 earnings, stock gets whacked Business Insider - 4 hours ago Snapchat maker Snap Inc. missed Wall Street's expectations for its second quarter as a public company, sending its stock diving more than 16% in after-hours trading to an all-time low.
So Gavin the CEO slammed analysts on the conference call, which pisses them all off and makes them slam the stock? nice!
At this point in Snap's devolution, there simply is no justification in paying any price above $8 per share. None. And $8 is generous.
The bottom is in for now and the last of the insider lockup is being absorbed. A range of 11.28 to the 15.60 is established until next earnings. The HVN (high volume node) is a developing point of control with the most active price at 13.70.
