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.
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.