Join gaming leaders online at GamesBeat Summit Next this upcoming November 9-10. Learn more about what comes next. 

After a doozy of a morning, Snapchat owner Snap finished its first day of trading on the New York Stock Exchange at $24.48 per share. That left the company with a market cap north of $28 billion.

That’s far, far, and away above the price Snap set last night, $17 per share, when the company raised $3.4 billion — a 44 percent increase. It’s also a smidge — 2 percent — above Snap’s opening price of $24 per share.

Snap's stock fluctuates on first day of trading.

Above: Snap’s stock fluctuates on first day of trading.

Image Credit: Screenshot/CNBC

After its debut the stock fell as low as $23.50 and rose as high as $26.05. And a very high volume of stock was being traded; in excess of 212 million, according to Yahoo Finance data, just before the New York Stock Exchange (NYSE) closed for the day. That’s significant, as Snap floated less than that — 200 million — in its initial public offering (IPO).

All this is to say that the creator of Snapchat has succeed in winning over investors for the day. As Bloomberg writes, Snap’s (percent) gains today beat out Alibaba, Facebook, and a most of other big IPOs. However, at least one analyst — Pivotal Research Group’s Brian Wieser — rated the company a “sell” with a $10 stock price target.


VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
  • up-to-date information on the subjects of interest to you
  • our newsletters
  • gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
  • networking features, and more
Become a member