Shares of Snap Inc (NYSE:SNAP) are slipping today, after the social media platform announced disappointing current-quarter guidance and announced it ended its deal with AI startup Perplexity. The shares were last seen down 2.5% at $5.96, brushing off better-than-expected first-quarter earnings and revenue results. No fewer than three analyst cut their price targets after the event, while two chimed in with price-target cuts.
SNAP has rebounded off its March 27 record low of $3.81, rising 32% in April for its best month since November 2023. The stock is now seeing some consolidation around the $6 level, and sports a 25% year-to-date deficit.
Over in the options pits, SNAP has seen 61,000 calls and 14,000 puts exchanged straight out of the gate this morning -- triple the overall options volume typically seen at this point. The weekly 5/8 6.50-strike call is the most popular by far.
Notably, short interest has been building, and now represents 10.5% of Snap stock's available float. It would take shorts over two days to buy back their bearish bets, at the security's average pace of trading.
