What's Going On With Snap Stock?

Snap, Inc. SNAP shares are moving higher Wednesday, adding to the stock's climb over the last 30 days.

What To Know:

Snap is moving higher on heavy trading volume despite a lack of company specific news. According to data from Benzinga Pro, more than 24 million shares have already been traded halfway through Wednesday's session, compared to the 100-day average of 26.5 million shares.

Snap shares have gained more than 10% over the last two trading sessions, and the stock has surged more than 30% over the last month.

Snap shares have moved higher with the overall market, but have also trended higher alongside AI names.

Last month, Snap CEO Evan Spiegel said the company's MyAI chatbot, which was released in February, already has 150 million users. He expects the chatbot to help improve the company's advertising, which could drive higher revenues. 

Snap announced last week that it will release its second-quarter financial results on July 25. The company is expected to report a loss of 4 cents per share on quarterly revenue of $1.05 billion, according to Benzinga Pro estimates.

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SNAP Price Action: According to data from Benzinga Pro, Snap shares were 2.71% higher at $13.09 at the time of publication.

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