Snapchat is staffing up at an almost unprecedented scale
Snap shares got a big boost when BTIG analysts bumped up their price target for the stock, saying it could hit $20 a share earlier this week.
Snap's user base has stabilized, the analysts wrote, and investors haven't adequately grasped the company's rebound. BTIG isn't the only shop boosting ratings for Evan Spiegel's social network. The data explains why.
Snap Posts More Jobs
From their February 2019 low, until mid-June, Snap's job postings increased by more than 80%. Some of this growth may be attributable to Snap's growing original content ambitions: roles for "Design" and "Content" grew at the company's job postings page - which Thinknum subscribers can view here.
In fact, there has only been one point in Snap's history as a public company when it had more jobs posted online than it does today: September 2017.
Some of Silicon Valley's so-called surefire startups didn't pan out that way on public markets - and that has been the case for Snap stock, even two years after its listing. But Spiegel's not alone. Both Lyft and Uber stock offerings proved disappointing for late-stage venture backers and newly-minted owners of publicly-listed shares - but the 2019 IPO market earned back investor confidence with a slew of June winners - including Chewy.com ($NYSE:CHWY), Crowdstrike and Fiverr ($NYSE:FVRR).
Snap earnings are next expected August 6, and analysts tracked by Zacks Investment Research expect earnings of -$0.21 per share for the social network. The stock is up more than 150% this year, far outpacing market benchmarks.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.