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Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.

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Republican presidential nominee Donald Trump&#8217;s 2024 campaign has decided not to advertise on Snap Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat, a platform favored by young voters.
What Happened: This decision has allowed Democratic nominee Kamala Harris to dominate the platform, with her campaign spending over $5.3 million on Snapchat ads, <a href="https://www.nytimes.com/2024/10/16/us/politics/trump-snapchat-harris.html">reported</a> the New York Times, citing the company's disclosures.
The former president&#8217;s decision not to invest in Snapchat ads is a shift from his previous campaigns and follows a longstanding dispute with Snap.
Snap <a href="https://www.benzinga.com/news/21/01/19155255/snapchat-follows-in-twitters-footsteps-to-permanently-boot-out-donald-trump">banned Trump&#8217;s personal account</a> after the Capitol riot on Jan. 6, 2021, and&nbsp;has not lifted the ban&nbsp;since, despite offering to sell political ads to his campaign.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Poured $1B A Year Into Its Car Project Before Abandoning It. Tim Cook&#8217;s Company Now Pulls Plug On Autonomous Vehicle Testing Permit In California: Here&#8217;s More</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Snapchat REFUSES to reinstate President Trump's account — but then shamelessly asks the Trump campaign to advertise with Snapchat Big Tech is all in for Kamala! BIG TECH CENSORSHIP! <a href="https://t.co/smZj6LHVl4">pic.twitter.com/smZj6LHVl4</a>
&mdash; Trump War Room (@TrumpWarRoom) <a href="https://twitter.com/TrumpWarRoom/status/1818404872506790299?ref_src=twsrc%5Etfw">July 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to Snap, the platform boasts over 100 million users in the U.S., with approximately 80% being 18 or older and eligible to vote. Snapchat also has a larger share of users under 30 compared to other major tech platforms.
Harris has effectively leveraged Snapchat to <a href="https://www.benzinga.com/news/24/08/40544287/trumps-reproductive-rights-pledge-sparks-outrage-among-advocates-kamala-harris-poised-to-capitalize">highlight Trump's policies</a>, particularly his anti-abortion stance, and has framed her messages to resonate with young voters, using popular culture references like Beyoncé's <a href="https://www.benzinga.com/news/24/07/39975613/kamala-harris-channels-beyonc-in-first-campaign-video-and-slams-trump-there-are-some-people-who-thin">song &#8220;Freedom.&#8221;</a>
Before exiting the race, President Joe Biden allocated nearly $1.5 million toward Snapchat advertising.
On the other hand, while Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook banned Trump&#8217;s personal account, he continued purchasing ads on the platform in 2021, the report noted.
Karoline Leavitt, a spokesperson for the Trump campaign, stated that Harris was wasting her campaign funds unnecessarily.
&#8220;Silly Snapchat ads are not going to make up for the fact that her terrible economic policies have robbed young people of the American dream,&#8221; Leavitt stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: While Trump&#8217;s campaign has bypassed Snapchat, it has <a href="https://www.benzinga.com/news/24/07/39827954/trump-for-tiktok-competition-to-mark-zuckerberg-if-you-dont-have-tiktok-you-have-facebook-and-instag">reached younger voters through</a> interviews with popular online personalities and organic videos on&nbsp;TikTok.
However, digital strategists argue that Snapchat&#8217;s personal communication style makes it an important tool for reaching young voters.
Trump&#8217;s use of TikTok has not been without controversy, with former Congressman Mike Gallagher expressing concerns over politicians using TikTok, citing national security risks.
Despite these concerns, Trump&#8217;s TikTok debut outshined the Biden-Harris campaign account, amassing more than five million followers.
As the 2024 election approaches, Harris maintains a lead over Trump <a href="https://www.benzinga.com/general/politics/24/10/41347642/harris-vs-trump-vice-president-holds-lead-in-2024-election-poll-but-former-president-is-closing-">in many election polls</a>. However, the gap is closing, making the race increasingly competitive.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Flickr
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Tech

Trump Campaign's Snapchat Absence Potentially Gives Harris Edge Among Young Voters

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), the parent company of Facebook and Instagram, has been directed to face lawsuits filed by U.S. states.
What Happened: On Tuesday, U.S. District Judge Yvonne Gonzalez Rogers in California rejected Meta&#8217;s attempt to dismiss the claims made in two separate lawsuits filed last year, reported Reuters.
The lawsuits involving over 30 states, including California, New York, and Florida, accuse Meta of contributing to mental health issues among teenagers by making its platforms addictive.
See Also: <a href="https://www.benzinga.com/news/24/09/40974511/iphone-15-pro-models-and-iphone-13-discontinued-by-apple-heres-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here&#8217;s Why</a>
Judge Rogers partly agreed with Meta&#8217;s argument that Section 230, a federal law regulating online platforms, provides some protection to the company.
However, she found that the states had provided enough detail about allegedly misleading statements made by Meta to proceed with most of their case, the report noted.
The judge also rejected motions from Meta, TikTok, owned by ByteDance, YouTube, a subsidiary of Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Snap Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat seeking to dismiss personal injury lawsuits brought by individual plaintiffs.
These firms are not named as defendants in the lawsuits filed by the states.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: This ruling comes in the wake of increasing concerns about the impact of social media on mental health. 
Earlier in August, a man from Montreal, Canada, filed a lawsuit against social networking platforms YouTube, Facebook, Reddit (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), Instagram, and TikTok, claiming they cause addiction and harm mental health.
Last month, Arkansas sued YouTube and its parent company, Alphabet, accusing it of fueling a mental health crisis among youth and being deliberately addictive.
Previously, a lawsuit was also filed against gaming platform Roblox Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>), underscoring how platforms combining gaming and social media can also contribute to addiction.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Poured $1B A Year Into Its Car Project Before Abandoning It. Tim Cook&#8217;s Company Now Pulls Plug On Autonomous Vehicle Testing Permit In California: Here&#8217;s More</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

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Mark Zuckerberg's Meta To Face Lawsuits Over Teen Social Media Addiction: Judge Rejects Dismissal Motions From Reddit, YouTube, And Snapchat In Personal Injury Claims

Financial giants have made a conspicuous bullish move on Snap. Our analysis of options history for Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) revealed 9 unusual trades.
Delving into the details, we found 77% of traders were bullish, while 22% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $115,555, and 7 were calls, valued at $281,784.
<h3>Predicted Price Range</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $16.0 for Snap during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
In today's trading context, the average open interest for options of Snap stands at 3961.57, with a total volume reaching 5,006.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Snap, situated within the strike price corridor from $10.0 to $16.0, throughout the last 30 days.
<h3>Snap 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729022451_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SNAP</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/08/24</td>
<td>$1.24</td>
<td>$1.21</td>
<td>$1.21</td>
<td>$11.00</td>
<td>$84.7K</td>
<td>171</td>
<td>1.0K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$3.4</td>
<td>$3.3</td>
<td>$3.35</td>
<td>$10.00</td>
<td>$63.6K</td>
<td>10</td>
<td>191</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$1.87</td>
<td>$1.86</td>
<td>$1.87</td>
<td>$13.00</td>
<td>$46.7K</td>
<td>423</td>
<td>265</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$0.34</td>
<td>$0.32</td>
<td>$0.34</td>
<td>$15.00</td>
<td>$42.5K</td>
<td>12.8K</td>
<td>1.2K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$3.15</td>
<td>$3.05</td>
<td>$3.08</td>
<td>$12.00</td>
<td>$38.8K</td>
<td>4.2K</td>
<td>127</td>
</tr>
</tbody>
</table>

<h3>About Snap</h3>
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
<h3>Current Position of Snap</h3>
<ul>
<li>With a trading volume of 11,729,707, the price of SNAP is up by 0.23%, reaching $11.07.</li>
<li>Current RSI values indicate that the stock is may be overbought.</li>
<li>Next earnings report is scheduled for 14 days from now.</li>
</ul>
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Snap options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Market Whales and Their Recent Bets on SNAP Options

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Evercore ISI Group raised JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) price target from $217 to $230. Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating. JPMorgan shares closed at $222.29 on Friday. <a href="https://www.benzinga.com/quote/jpm/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital cut the price target for Nurix Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRIX#NASDAQ">NRIX</a>) from $27 to $26. RBC Capital analyst Gregory Renza maintained an Outperform rating. Nurix Therapeutics shares closed at $23.63 on Friday. <a href="https://www.benzinga.com/quote/nrix/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised the price target for V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) from $21 to $25. Stifel analyst Jim Duffy maintained a Buy rating. V.F. Corporation shares closed at $20.33 on Friday. <a href="https://www.benzinga.com/quote/vfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wedbush raised Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) price target from $25 to $45. Wedbush analyst David Chiaverini upgraded the stock from Underperform to Neutral. Affirm shares closed at $47.08 on Friday. <a href="https://www.benzinga.com/quote/afrm/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel cut Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) price target from $13 to $11. Stifel analyst Mark Kelley maintained a Hold rating. Snap shares closed at $11.13 on Friday. <a href="https://www.benzinga.com/quote/snap/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group raised Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) price target from $68 to $71. Evercore ISI Group analyst John Pancari maintained an Outperform rating. Wells Fargo shares closed at $60.99 on Friday. <a href="https://www.benzinga.com/quote/wfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JMP Securities raised the price target for Benitec Biopharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTC#NASDAQ">BNTC</a>) from $16 to $18. JMP Securities analyst Silvan Tuerkcan maintained a Market Outperform rating. Benitec Biopharma settled at $10.86 on Friday. <a href="https://www.benzinga.com/quote/bntc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler raised Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) price target from $147 to $179. Piper Sandler analyst Peter Keith maintained an Overweight rating. Boot Barn shares closed at $159.36 on Friday. <a href="https://www.benzinga.com/quote/boot/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird raised the price target for Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) from $67 to $80. Baird analyst David Manthey maintained a Neutral rating. Fastenal shares closed at $76.82 on Friday. <a href="https://www.benzinga.com/quote/fast/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen cut ArcBest Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) price target from $131 to $114. TD Cowen analyst Jason Seidl downgraded the stock from Buy to Hold. ArcBest shares rose 1.4% to close at $105.95 on Friday. <a href="https://www.benzinga.com/quote/arcb/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think:

Price Target

Analyst Ratings

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ARCB

BNTC

BOOT

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Wells Fargo To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Monday

Stifel analyst Mark Kelley maintains Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Hold and lowers the price target from $13 to $11.

Stifel Maintains Hold on Snap, Lowers Price Target to $11

High-rolling investors have positioned themselves bullish on Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in SNAP often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 11 options trades for Snap. This is not a typical pattern.
The sentiment among these major traders is split, with 63% bullish and 36% bearish. Among all the options we identified, there was one put, amounting to $51,500, and 10 calls, totaling $949,490.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $5.0 to $15.0 for Snap over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Snap's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Snap's whale activity within a strike price range from $5.0 to $15.0 in the last 30 days. 
<h3>Snap 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728587021_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$2.07</td>
<td>$2.02</td>
<td>$2.02</td>
<td>$15.00</td>
<td>$202.1K</td>
<td>8.4K</td>
<td>1.3K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$2.06</td>
<td>$2.02</td>
<td>$2.02</td>
<td>$15.00</td>
<td>$202.0K</td>
<td>8.4K</td>
<td>2.3K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/18/26</td>
<td>$6.75</td>
<td>$6.75</td>
<td>$6.75</td>
<td>$5.00</td>
<td>$195.7K</td>
<td>1.1K</td>
<td>650</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/18/26</td>
<td>$3.1</td>
<td>$3.0</td>
<td>$3.1</td>
<td>$13.00</td>
<td>$89.9K</td>
<td>768</td>
<td>650</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/18/26</td>
<td>$6.75</td>
<td>$6.65</td>
<td>$6.75</td>
<td>$5.00</td>
<td>$67.5K</td>
<td>1.1K</td>
<td>310</td>
</tr>
</tbody>
</table>

<h3>About Snap</h3>
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
After a thorough review of the options trading surrounding Snap, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Snap</h3>
<ul>
<li>With a trading volume of 8,749,623, the price of SNAP is down by -0.6%, reaching $10.62.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 19 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Snap</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $11.0.
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&#x2A; An analyst from Wells Fargo persists with their Overweight rating on Snap, maintaining a target price of $14. 
&#x2A; An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $8. 
&#x2A; Reflecting concerns, an analyst from B. Riley Securities lowers its rating to Neutral with a new price target of $11. 
&#x2A; An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $8. 
&#x2A; Consistent in their evaluation, an analyst from Deutsche Bank keeps a Buy rating on Snap with a target price of $14. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Snap options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Snap's Options: A Look at What the Big Money is Thinking

ByteDance-owned TikTok is facing legal action from&nbsp;13 U.S. states and the&nbsp;District of Columbia.&nbsp;The states accuse TikTok of&nbsp;causing harm to its younger users.
What Happened: On Tuesday, separate lawsuits were filed&nbsp;in New York, California, the&nbsp;District of Columbia, and 11 other states, accusing TikTok of using software designed to keep children&nbsp;engaged for extended periods, reported Reuters.
The short-form&nbsp;video platform is also accused of misrepresenting the effectiveness of its content moderation.
California Attorney General Rob Bonta&nbsp;said,&nbsp;&#8220;TikTok cultivates social media addiction&nbsp;to boost corporate profits.&#8221; The states argue that TikTok seeks to maximize user engagement to target them with ads.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41196932/legendary-apple-co-founder-steve-jobs-once-said-being-the-richest-man-in-the-cemetery-doesnt-matter?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Legendary Apple Co-Founder Steve Jobs Once Said, &#8216;Being The Richest Man In The Cemetery Doesn&#8217;t Matter To Me:&#8217; Maybe That&#8217;s Why His Impact Transcends Financial Success For iPhone-Maker And Beyond</a>
New York Attorney General Letitia&nbsp;James stated,&nbsp;&#8220;Young people are struggling with&nbsp;their mental health because of addictive social media platforms like&nbsp;TikTok.&#8221;
TikTok responded to these allegations, saying that many are &#8220;inaccurate and misleading.&#8221; The company expressed disappointment that&nbsp;the states chose to sue&nbsp;rather than collaborate on solutions to industrywide challenges.
Washington D.C. Attorney General Brian&nbsp;Schwalb accused TikTok of operating&nbsp;an unlicensed money transmission business&nbsp;through its live streaming and&nbsp;virtual currency features, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This legal action against TikTok comes on the <a href="https://www.benzinga.com/news/24/04/38508391/after-biden-signs-tiktok-ban-into-law-top-eu-leader-says-not-ruling-out-action-against-chinese-platf">heels of a bill signed by</a> President Joe Biden, which could force TikTok&#8217;s parent company, ByteDance, to sell the company or face a ban in the U.S.
This also follows&nbsp;a nationwide probe of TikTok&#8217;s impact on young people launched by eight states in March 2022.
Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), which owns Instagram and Facebook, Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), and Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) YouTube could gain from <a href="https://www.benzinga.com/government/24/03/37710878/congress-moves-to-ban-tiktok-could-members-benefit-from-positions-in-social-media-stocks-like-meta-p">rising concerns about TikTok</a>.
According to Apptopia, TikTok has consistently outpaced other major social media apps, including Instagram, Facebook, Snapchat, YouTube, and X (formerly Twitter), in U.S. downloads every quarter since 2020.
However, when the ByteDance-owned platform was banned in India, platforms like YouTube, Instagram, and local short-video apps Moj and Josh experienced major user growth in the country, according to Sensor Tower.
With TikTok facing legal scrutiny, users may migrate to other platforms. Moreover, as advertisers reassess their strategies, they may shift their budgets toward platforms perceived as more stable or compliant with regulations.
Photo by XanderSt on Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Supplier Foxconn To Build World&#8217;s Largest Nvidia Superchip Factory Amid Soaring AI Demand</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

TikTok Gets Sued: 13 States And DC Accuse Chinese Platform Of 'Boosting Corporate Profits' Via Social Media Addiction

Macro Economic Events

Economics

AMZN

TikTok On Us Attorneys General Lawsuits Says Strongly Disagree With These Claims, Many Of Which We Believe To Be Inaccurate And Misleading

WIIM

Snap shares are trading higher following a report indicating multiple US states filed lawsuits against competitor TikTok.

'TikTok Faces New Lawsuits Filed By 13 U.S. States And The District Of Columbia On Tuesday, Accusing The Popular Social Media Platform Of Harming And Failing To Protect Young People'

JP Morgan analyst Doug Anmuth maintained a Neutral rating on Reddit, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) with a price target of $77, up from $59.
Anmuth updated Reddit estimates ahead of third-quarter results to reflect recent positive trends.&nbsp;&nbsp;
The analyst noted macro advertising trends are broadly stable and solid, and Reddit continues to make advancements moving down the ad funnel.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/10/41206255/whats-going-on-with-us-listed-chinese-stocks-alibaba-jd-nio-li-auto-xpeng-on-monday" rel="noreferrer noopener">What&#8217;s Going On With US Listed Chinese Stocks Alibaba, JD, Nio, Li Auto XPeng on Monday?</a>
He said that Reddit remains focused on driving higher monetization across performance ads (which drove 50%+ of growth in the second quarter), improving ad tech, and scaling new ad surfaces.
Anmuth expects Dynamic Product Ads (DPAs) to ramp through the second half, along with new ad placements on the conversation page, where ~50% of all screen views occur.
The analyst noted that top-of-funnel trends remain healthy, though year-on-year comps grow tougher in the second half and early fiscal 2025.
Reddit is expanding Machine Translation to 35+ new countries (using Gemini and OpenAI), which should support continued quarterly DAU growth.
Overall, the analyst increased his third-quarter revenue to $325 million (up by 57% Y/Y and above the $290 million-$310 million guide) and his adjusted EBITDA to $72 million (22.0% margin and above the $40 million-$60 million guide).
For the fourth quarter, Anmuth projected revenue of $383 million (+53% Y/Y) and adjusted EBITDA of $105 million (27.5% margin).
Anmuth&#8217;s 2025 &amp; 2026 revenue increased 5%-6% from his previous estimates while EBITDA increased 8%-10%.&nbsp;&nbsp;
After the company&#8217;s second-quarter earnings report, the analyst emphasized that third-quarter guidance was conservative, likely driven by management concerns about the health of the ad market.
However, Anmuth noted that those fears were driven more by pockets of vertical brand softness that Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) and Pinterest, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) noted, unlike Reddit during the third quarter.
The analyst noted that overall online ad trends are stable, and Magna raised its 2024 U.S. digital outlook in September to +13.6% Y/Y from +12.9% prior.
Reddit&#8217;s tone has been upbeat through the third. With the lock-up expiration behind, likely upside to estimates, and potential for new large language model&nbsp;(LLM) data licensing deals, Reddit has become a much more frequent topic of discussion with the investors, as per Anmuth.
However, he noted that the stock price reflects this recent enthusiasm as Reddit is the best-performing name in his coverage year-to-date (for Reddit, since the IPO).
Anmuth recognized that fundamentals appeared strong but remained on the sidelines as he sought greater confidence in the quarterly DAU trajectory over time and more excellent traction in the highly competitive online ad space. He noted that the stock was approaching fair valuation at ~7 times 2026 revenue.
The price target is based on ~32 times his 2026 adjusted EBITDA and ~32 times his 2026 free cash flow, equating to ~7.5 times his 2026 revenue estimate.
Price Action: RDDT stock is down 0.62% at $71.93 at last check Monday.
Image via Shutterstock
Also Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41190957/warner-music-hit-by-streaming-volatility-and-execution-risks-analyst" target="_blank" rel="noreferrer noopener">Warner Music Hit By Streaming Volatility And Execution Risks: Analyst</a></li>
</ul>

Analyst Color

Equities

Reiteration

PINS

Reddit Stock Faces Caution from JP Morgan: Strong Fundamentals, But Valuation Concerns Persist

Cantor Fitzgerald analyst Deepak Mathivanan reiterates Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Neutral and maintains $8 price target.

Cantor Fitzgerald Reiterates Neutral on Snap, Maintains $8 Price Target

Wells Fargo analyst Ken Gawrelski maintains Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Overweight and lowers the price target from $15 to $14.

Wells Fargo Maintains Overweight on Snap, Lowers Price Target to $14

The tech world is buzzing with news of Telegram's recent shift in privacy policy, where the platform will now provide user data like IP addresses and phone numbers to authorities in response to <a href="https://www.benzinga.com/topic/telegram">valid legal requests</a>. 
Known for its staunch commitment to free speech and privacy, this change signals a significant shift for Telegram. It is also sparking broader discussions on how social media companies like X (formerly Twitter), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) which owns Facebook, Instagram and WhatsApp, and LinkedIn navigate the balance between user privacy and growing government pressure.
<h2 class="wp-block-heading">Telegram's Privacy U-Turn: Safety Measure Or Compromise?</h2>
Telegram&#8217;s CEO, Pavel Durov, has long upheld his platform as a sanctuary for free expression. 
However, the company's updated policy now allows for user data to be shared in criminal cases, following Durov's arrest in France as part of a legal investigation into illegal activities on the platform, including child exploitation and drug trafficking.
While Telegram has promised transparency through quarterly reports on shared data, many wonder if the platform's privacy-first reputation has been compromised.
Related: <a href="https://www.benzinga.com/general/social-media/24/10/41145263/telegrams-pavel-durov-little-has-changed-in-privacy-policies-despite-legal-woes">Telegram&#8217;s Pavel Durov: &#8216;Little Has Changed&#8217; In Privacy Policies Despite Legal Woes</a>
<h2 class="wp-block-heading">A Broader Trend Across Social Media Giants</h2>
Telegram's policy shift is not an isolated incident, social media companies worldwide are increasingly finding themselves at the intersection of user privacy and government regulations.
X, for example, has had to comply with court orders in Brazil and India to curb content deemed dangerous, while Meta has faced its own set of privacy issues, particularly around its use of user data for AI training.
Even LinkedIn has raised eyebrows by leveraging public posts for AI development, a practice that sparked outrage among European users when it was revealed that their data was being used for purposes beyond what was originally understood.
<h2 class="wp-block-heading">Governments &amp; The Delicate Balance For Social Media Platforms</h2>
The rise of social media censorship demands and data-sharing pressures is not limited to authoritarian regimes. Democracies like Brazil, India, and Turkey have implemented stricter content moderation laws, requiring companies to adhere to certain guidelines or face potential bans.
Instagram briefly faced a shutdown in Turkey for its reluctance to comply with content laws, highlighting the delicate line between censorship and compliance.
In the U.S. and Europe, Meta and Snap Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat are facing scrutiny for using user data to enhance their artificial intelligence tools without clear communication. This further complicates the public's trust in platforms that handle sensitive user information.
<h2 class="wp-block-heading">Balancing Growth, Privacy, Free Speech</h2>
For platforms like Telegram, X, and Meta, the challenge of maintaining privacy while expanding globally has never been more evident. 
Google (parent Alphabet Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) famously left China in 2010 over similar censorship issues, and other tech firms like Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and TikTok have had to make difficult decisions about how much to concede to government regulations to continue operating in specific markets.
As social media companies face increasing pressure to moderate content, comply with government requests, and share user data, the question remains: can these platforms maintain a balance between privacy, security, and free speech without alienating users?
Telegram's latest policy move, while framed as a security measure, underscores the broader challenge for all social media companies – navigating the fine line between user trust and government control in a rapidly evolving digital landscape.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/10/41157343/pavel-durovs-telegram-forked-over-data-to-us-law-enforcement-affected-users-108">Pavel Durov&#8217;s Telegram Forked Over Data To US Law Enforcement — &#8216;Affected Users: 108&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Government

Regulations

General

NFLX

Telegram Joins X, Meta, LinkedIn In Privacy Dilemma: Social Media Faces Growing Government Control

<a href="https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-tiktok-sharing-minors-personal-data-violation-texas-parental">https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-tiktok-sharing-minors-personal-data-violation-texas-parental</a>
Texas Attorney General Ken Paxton sued TikTok, one of the largest social media platforms, for operating its platform in a manner that puts the online safety and privacy of Texas children at risk and violates the Securing Children Online through Parental Empowerment ("SCOPE") Act.
"I will continue to hold TikTok and other Big Tech companies accountable for exploiting Texas children and failing to prioritize minors' online safety and privacy," said Attorney General Ken Paxton. "Texas law requires social media companies to take steps to protect kids online and requires them to provide parents with tools to do the same. TikTok and other social media companies cannot ignore their duties under Texas law."
To protect Texas children from harms associated with social media, the SCOPE Act prohibits digital service providers, such as TikTok, from sharing, disclosing, or selling a minor's personal identifying information without permission from the child's parent or legal guardian. Further, the SCOPE Act requires companies to provide parents with tools to manage and control the privacy and account settings on their child's account. TikTok has failed to comply with these requirements.&nbsp;
Attorney General Paxton is seeking civil penalties of up to $10,000 per violation and injunctive relief to prevent future violations of the SCOPE Act by TikTok.
To read the filing, <a href="https://www.texasattorneygeneral.gov/sites/default/files/images/press/TikTok%20Complaint%20As%20Filed.pdf">click here.</a>

Reported Earlier, Attor­ney Gen­er­al Ken Pax­ton Sues Tik­Tok For Shar­ing Minors' Per­son­al Data In Vio­la­tion Of Texas Parental Con­sent Law

Whales with a lot of money to spend have taken a noticeably bullish stance on Snap.
Looking at options history for Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) we detected 15 trades.
If we consider the specifics of each trade, it is accurate to state that 66% of the investors opened trades with bullish expectations and 26% with bearish.
From the overall spotted trades, 11 are puts, for a total amount of $416,963 and 4, calls, for a total amount of $478,397.
<h3>Predicted Price Range</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $20.0 for Snap over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Snap's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Snap's substantial trades, within a strike price spectrum from $10.0 to $20.0 over the preceding 30 days.
<h3>Snap Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727899434_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$1.66</td>
<td>$1.62</td>
<td>$1.63</td>
<td>$17.00</td>
<td>$220.0K</td>
<td>5.4K</td>
<td>1.3K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$0.94</td>
<td>$0.93</td>
<td>$0.93</td>
<td>$12.00</td>
<td>$176.3K</td>
<td>3.6K</td>
<td>240</td>
</tr>
<tr>
<td>SNAP</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$2.44</td>
<td>$2.4</td>
<td>$2.4</td>
<td>$10.00</td>
<td>$57.1K</td>
<td>7.6K</td>
<td>1.0K</td>
</tr>
<tr>
<td>SNAP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$0.68</td>
<td>$0.66</td>
<td>$0.67</td>
<td>$13.00</td>
<td>$56.1K</td>
<td>1.7K</td>
<td>849</td>
</tr>
<tr>
<td>SNAP</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$2.44</td>
<td>$2.4</td>
<td>$2.4</td>
<td>$10.00</td>
<td>$54.4K</td>
<td>7.6K</td>
<td>688</td>
</tr>
</tbody>
</table>

<h3>About Snap</h3>
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
In light of the recent options history for Snap, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Current Position of Snap</h3>
<ul>
<li>Currently trading with a volume of 17,685,615, the SNAP's price is up by 4.17%, now at $10.86. </li>
<li>RSI readings suggest the stock is currently may be overbought.</li>
<li>Anticipated earnings release is in 20 days.</li>
</ul>
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Snap with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Snap Unusual Options Activity For October 02

<a href="https://digital-strategy.ec.europa.eu/en/news/commission-sends-requests-information-youtube-snapchat-and-tiktok-recommender-systems-under-digital" title="https://digital-strategy.ec.europa.eu/en/news/commission-sends-requests-information-youtube-snapchat-and-tiktok-recommender-systems-under-digital">https://digital-strategy.ec.europa.eu/en/news/commission-sends-requests-information-youtube-snapchat-and-tiktok-recommender-systems-under-digital</a>

EU Commission Sends Requests For Information To YouTube, Snapchat, TikTok On Recommender Systems Under Digital Services Act

Snap Issues Statement On New Mexico Attorney General's Complaint; Says Have Made Deliberate Design Choices To Make It Difficult For Strangers To Discover Minors On Service, Continue To Evolve Safety Mechanisms & Work Alongside Law Enforcement And Government Agencies For Stronger Defenses

In the last three months, 17 analysts have published ratings on Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), offering a diverse range of perspectives from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">13</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $12.18, a high estimate of $16.00, and a low estimate of $8.00. This current average has decreased by 13.8% from the previous average price target of $14.13. 
<img src="https://www.benzinga.com/files/images/story/2024/1727726457_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Snap. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Deepak Mathivanan</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$8.00</td>
<td>$8.00</td>
</tr>
<tr>
<td>Deepak Mathivanan</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$8.00</td>
<td>$8.00</td>
</tr>
<tr>
<td>Naved Khan</td>
<td>B. Riley Securities</td>
<td>Announces</td>
<td>Neutral</td>
<td>$11.00</td>
<td>-</td>
</tr>
<tr>
<td>Benjamin Black</td>
<td>Deutsche Bank</td>
<td>Maintains</td>
<td>Buy</td>
<td>$14.00</td>
<td>$14.00</td>
</tr>
<tr>
<td>Rohit Kulkarni</td>
<td>Roth MKM</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$14.00</td>
<td>$14.00</td>
</tr>
<tr>
<td>Deepak Mathivanan</td>
<td>Cantor Fitzgerald</td>
<td>Announces</td>
<td>Neutral</td>
<td>$8.00</td>
<td>-</td>
</tr>
<tr>
<td>Ronald Josey</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$11.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Benjamin Black</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Buy</td>
<td>$14.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Justin Post</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$13.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Rohit Kulkarni</td>
<td>Roth MKM</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$14.00</td>
<td>$15.00</td>
</tr>
<tr>
<td>Eric Sheridan</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$12.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Ross Sandler</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$16.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Thomas Champion</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$12.00</td>
<td>$15.00</td>
</tr>
<tr>
<td>Youssef Squali</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Hold</td>
<td>$13.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Shyam Patil</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$12.00</td>
<td>$15.00</td>
</tr>
<tr>
<td>Doug Anmuth</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$11.00</td>
<td>$13.00</td>
</tr>
<tr>
<td>Brian Nowak</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$16.00</td>
<td>$12.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Snap. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Snap compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Snap's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Snap's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/SNAP/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Snap analyst ratings.</a>
<h2>About Snap</h2>
Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023. Snap generates nearly all its revenue from advertising. While only about one quarter of users are in North America, the region accounts for about 65% of sales.
<h3>Snap: Delving into Financials</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Revenue Growth: Snap displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 15.84%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Communication Services sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of -20.1%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Snap's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of -11.84%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): Snap's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of -3.41%, the company may encounter challenges in delivering satisfactory returns from its assets.
Debt Management: Snap's debt-to-equity ratio stands notably higher than the industry average, reaching 2.05. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>Analyst Ratings: What Are They?</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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