Snap (NYSE:SNAP), which owns the popular smartphone apps Snapchat and Bitmoji, is growing in both active active users and sales in 2020. It will continue to grow as a social media firm into the future. Listed below are reasons why you should own this stock.
- More hedge funds are buying and holding long positions in this stock.
- Snap’s revenue and active users are increasing year after year.
- The stock trades at 30 times this year’s sales and 22 times next year’s sales. Thus, it is cheaper than other growth stocks.
- Snapchat app usage has fierce loyalty from the Millennial and Gen Z users.
Due to the above reasons, the stock could propel to even higher price in the near future.