Snap Inc (NYSE:SNAP) shares are trading higher by 4% at $64.60 Thursday afternoon after Cowen maintained an Outperform rating on the stock and slightly raised its price target.
Snap is an American camera and social media company founded in 2011 by Evan Spiegel and Bobby Murphy. Snap is based in Santa Monica, California and has three products that drive revenue: Snapchat, Spectacles and Bitmoji.
Shares of several China-based EV companies, including Nio Inc – ADR (NYSE:NIO), Xpeng Inc – ADR (NYSE:XPEV) and Li Auto Inc. (NASDAQ:LI) are trading lower Thursday afternoon amid fears of monetary policy tightening along with U.S.-China trade talks. The ongoing global chip shortage continues to add to downside pressure as well.
Nio, Xpeng and Li Auto are trading lower by 3.7%, 4.4% and 7%, respectively.
