Millennial investors are 'losing confidence' in Snap ahead of earnings
- Snap reports third-quarter earnings after the markets close on Tuesday.
- The company is popular among millennials, but many aren't optimistic about the company's earnings, according to Robinhood.
- Watch Snap's stock move in real time here.
Millennials aren't too bullish ahead of Snap's third-quarter earnings report, due out after the bell on Tuesday.
Investors on the Robinhood platform, which is popular among millennial investors, are buying shares of Snap 2% more than they are selling shares in the week ahead of earnings. That's a big drop from last quarter's report, ahead of which Robinhood investors were buying shares 20% more than they were selling.
Snap is the ninth most popular stock on Robinhood's platform.
"Retail investors on Robinhood are losing confidence in Snap ahead of their earnings report today," Sahill Poddar, a data scientist at Robinhood, told Markets Insider.
Wall Street is just as mixed as retail investors. Only nine of the 34 analysts surveyed by Bloomberg rate the company a "buy" while 20 are neutral and five a "sell." Wall Street is expecting an adjusted loss of $0.15 on revenue of $235.5 million.
Snap shares are up about 2.43% at $15.19 a piece ahead of the results. Snap is still trading about 10% below its initial public offering price of $17.
