Snap Inc (NYSE:SNAP) shares are trading higher by 4.87% to $14.98 Thursday afternoon. Evercore ISI maintained the stock with an Outperform rating but lowered its price target from $36 to $26.
Snap shares have fallen 67.79% on a year-to-date basis amid overall market weakness following Federal Reserve policy tightening. Recent rate hikes have pressured stocks across sectors and driven a selloff in tech-related names. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
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Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
According to data from Benzinga Pro, Snap has a 52-week high of $83.34 and a 52-week low of $11.88.
