Millennial investors are fleeing Snap's stock
- Millennial investors are dumping Snap stock, according to data from Robinhood, a free trading app popular amongst millennials.
- That's a change of heart on the stock, given the trend from the past few months.
- Watch Snap trade in real time here.
Millennial investors aren't too hot on Snap anymore.
Data from the free trading app Robinhood, popular amongst millennials, shows more investors moved out of Snap than they did any other stock in the top 100 most owned on the app. Investors on the app closed out 1,883 Snap positions last week, dropping it from 12th to 13th most owned.
The negative sentiment from millennials in Snap shares is a reversal from the past few months, which saw the stock shoot up the ranks from 18th most owned to 12th.
That climb up the rankings came despite Snap shares getting hit hard over the past three months. They've shed more than 17% since the company blamed its app redesign for a slowdown in revenue growth during the first quarter. That sent shares tumbling to a record low of $10.50 a share.
Snap shares have managed to rebound over the past month, sparked by a bullish note from Citron Research founder Andrew Left. He wrote that Snap was "one stabilizing quarter from giving investors a 30% or more return -- more than you can see in any FANG stock in our opinion."
But not everyone on Wall Street agrees. Cowen's John Blackledge and Needham's Laura Martin both warned of slowing user growt.
"We trimmed our second-quarter 2018, fiscal year 2018-2023 estimates, lowering our revenue / EBITDA forecast on slightly lower Daily Active Users (DAUs) and advertising average revenue per user," Blackledge wrote just over a week ago.
And Martin agreed in a note out a day later. "We lower our Snap revenue estimates by 15% for second-quarter 2018 and by 5% for fiscal year 2018, based on lowered daily active user growth projections," she said.
Snap is down 11.81% this year.
