Here's how millennials are trading Snap ahead of earnings
- Millennials have been buying Snap more than they've been selling it.
- Baby Boomers also own a lot of Snap.
- Wall Street isn't so optimistic on the social media company.
Snap is set to report earnings following Tuesday's closing bell, and both millennials and baby boomers seem to like the stock. Shares are up more than 1% ahead of the results, trading just above $14 apiece.
Snap stock is the ninth most popular stock among millennials, according to Stockpile data given to Markets Insider. Stockpile is a trading app that allows investors buy fractions of shares. Snap was the eighth most traded stock on the platform in the week ahead of its earnings, the data showed.
Baby boomers hold and trade the stock slightly less than millennials, but are not too far behind. Snap is the 1oth most popular stock among Baby Boomers, according to Stockpile.
Both demographics have put in more buy orders for Snap than sell orders in the five trading days ahead of earnings. Millennials have a buy-to-sell ratio of 2.5-to-1 while baby boomers have a buy-to-sell ratio of 3.2-to-1. Stockpile did not breakdown the numbers any further.
Meanwhile, Wall Street is slightly less optimistic on the stock, giving it a consensus price target of $12.27, according to Bloomberg data. That's about 13% below its current level. Moffet Nathanson analyst Michael Nathanson has a Street low price target of $6.
Bloomberg data shows options pricing suggests Snap shares will move 16.7% in either direction after the company reports its quarterly results.
Snap's stock is down 3.42% this year.
