- Snap hit its pre-earnings level Friday.
- Shares closed at $14.13 before the company's earnings disaster in May, but the stock came back to that level on Friday.
- Snap stock has benefited from several tailwinds of late, centering on a bullish note from Citron Research's Andrew Left.
- Watch Snap trade in real time here.
Snap shares have wiped out the losses from the company's disastrous first-quarter earnings.
They settled at $14.13 apiece ahead of those results in early May, before plunging more than 20% as revenue missed and the company warned a slowdown was ahead. On Friday, they reclaimed that mark, hitting a high of $14.17.
But shortly after the bad run, the stock completely reversed itself, with the help of a bullish note from Citron Research's Andrew Left. He said in a recent note that "Snap is "one stabilizing quarter from giving investors a 30% or more return -- more than you can see in any FANG stock in our opinion."
Snap shares may also be the beneficiary of a short squeeze. The company is one of the most-shorted software-application stocks in the US market, and is getting too expensive to short.
"Stock loan recalls will make SNAP short positions much more expensive," Ihor Dusaniwsky, the managing director of predictive analytics at financial analytics firm S3 Partners wrote in a note to clients. "Even if prime brokers do their jobs well and cover the street recalls before they hit their clients, the new high cost of borrowing SNAP shares may drive a handful of shorts out of the trade."
Snap is down 5.89% this year.