After doing and reading some research over the weekend I decided to buy a holding in SNAP, the owner of SnapChat. The price paid was just under $14.09.
I had not really looked at the company since early last year when it was recommended as a chart buy at $17.50 just before the price started to collapse. I downloaded the app and had a look around, and in my opinion it looks well suited to the 13 – 35 age group target – where it is claimed to have reach of between 75% and 90%.
As some quarterly figures are due later today, and the stock has high volatility, I did not buy a full unit – as valuation remains high and the kind of improvement that I am looking for in the business will be a slow process.