Snap's stock rises further the day after its biggest jump since IPO

Friday, 13 October 2017, 04:55:26 PM. Snap Inc.’s stock rose again Thursday after shares of the Snapchat maker enjoyed their best daily gain since going public in March.

Snap Inc.’s stock rose again Thursday after shares of the Snapchat maker enjoyed their best daily gain since the day of the company’s stock market debut in March.

The stock was up 51 cents, or 3%, to $16.49 a share in midday trading after surging 11.4% on Wednesday following a positive report from a Wall Street analyst. Snap has a total market value of $19.8 billion.

Even so, the stock remained below the $17 a share at which Los Angeles-based Snap went public March 2.

Credit Suisse analyst Stephen Ju on Wednesday raised his target price for the stock to $20 a share from $17 after he “modestly increased” his estimate of Snapchat’s daily active users in North America in the third quarter to 78.2 million, up from 75 million in the second quarter.

Snap reported 173 million daily active users worldwide in the second quarter. Despite the popularity of Snapchat, the company remains unprofitable. It lost $443 million in the second quarter, although part of that loss included costs related to employee stock-compensation awards.

Ju also reiterated that Snapchat “offers advertisers access to a coveted younger demographic” but he cautioned that Snap continues to face competition “from a long list of well-heeled global competitors,” including Facebook Inc. and its Instagram unit.

Snap’s biggest single-day gain was the date of its much ballyhooed IPO. The day after, its stock traded as high as $27.09 a share. The stock then gradually moved lower in the following months, bottoming at $11.83 a share on Aug. 11, before starting to rebound.

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Drone footage reveals the devastation wrought by the deadly Tubbs fire in Santa Rosa. An astounding number of women have shared stories of alleged sexual misconduct by producer Harvey Weinstein. A USC administrator has left his post in the wake of allegations that he sexually harassed female colleagues. President Trump has nominated Kirstjen Nielsen, a top aide to Chief of Staff John F. Kelly, to head the Department of Homeland Security.

Credits: Associated Press, Travis Geske, Getty, KTLA

Drone footage reveals the devastation wrought by the deadly Tubbs fire in Santa Rosa. An astounding number of women have shared stories of alleged sexual misconduct by producer Harvey Weinstein. A USC administrator has left his post in the wake of allegations that he sexually harassed female colleagues. President Trump has nominated Kirstjen Nielsen, a top aide to Chief of Staff John F. Kelly, to head the Department of Homeland Security.

Credits: Associated Press, Travis Geske, Getty, KTLA

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Drone footage reveals the devastation wrought by the deadly Tubbs fire in Santa Rosa. An astounding number of women have shared stories of alleged sexual misconduct by producer Harvey Weinstein. A USC administrator has left his post in the wake of allegations that he sexually harassed female colleagues. President Trump has nominated Kirstjen Nielsen, a top aide to Chief of Staff John F. Kelly, to head the Department of Homeland Security.

Credits: Associated Press, Travis Geske, Getty, KTLA

Drone footage reveals the devastation wrought by the deadly Tubbs fire in Santa Rosa. An astounding number of women have shared stories of alleged sexual misconduct by producer Harvey Weinstein. A USC administrator has left his post in the wake of allegations that he sexually harassed female colleagues. President Trump has nominated Kirstjen Nielsen, a top aide to Chief of Staff John F. Kelly, to head the Department of Homeland Security.

Credits: Associated Press, Travis Geske, Getty, KTLA

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Over 160,000 acres have been destroyed in northern California fires.

Over 160,000 acres have been destroyed in northern California fires.

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The death toll from the Northern California fires has reached 17. A wounded Mandalay Bay security guard warned hotel officials about a gunman before the Las Vegas massacre. Harvey Weinstein is facing more sexual assault and harassment allegations. The FBI’s investigation into bribery and corruption in college basketball continues to expand. 

The death toll from the Northern California fires has reached 17. A wounded Mandalay Bay security guard warned hotel officials about a gunman before the Las Vegas massacre. Harvey Weinstein is facing more sexual assault and harassment allegations. The FBI’s investigation into bribery and corruption in college basketball continues to expand. 

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A Northern California firestorm is one of the worst in state history, officials say. The Dodgers are heading to the NLCS after beating the Diamondbacks Monday night. Police have dramatically changed their account of how the Las Vegas massacre began. The Los Angeles Times has named a new editor in chief. 

A Northern California firestorm is one of the worst in state history, officials say. The Dodgers are heading to the NLCS after beating the Diamondbacks Monday night. Police have dramatically changed their account of how the Las Vegas massacre began. The Los Angeles Times has named a new editor in chief. 

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A wind-fed wildfire surged over the Anaheim Hills on Monday, burning several homes and forcing thousands to evacuate as fire crews struggled to battle the rapidly growing blaze.

A wind-fed wildfire surged over the Anaheim Hills on Monday, burning several homes and forcing thousands to evacuate as fire crews struggled to battle the rapidly growing blaze.

james.peltz@latimes.com

Twitter: @PeltzLATimes

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