Why These 5 Stocks Are Trending on Tuesday

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In this article, we take a look at five stocks that are trending today. If you want to take a look at some more stocks that are trending today and the latest market situation, go to Why These 10 Stocks Are Trending on Tuesday.

5. Snap Inc. (NYSE:SNAP) has crashed 41% as of 12:42 PM ET after CEO Evan Spiegel warned that Snap Inc. (NYSE:SNAP) is expected to miss the earnings and revenue estimates for Q1 2022. The CEO attributed the slowdown in growth to the adverse macro-economic environment. Snap Inc. (NYSE:SNAP) has also announced that it would be slowing down its pace of hiring till the end of 2022 to lower the company’s overall expenses.

Snap Inc. (NYSE:SNAP) was discussed in the Q4 2021 investor letter of Baron Funds. Here’s what was said about the company:

Snap Inc. is the leading social network among teens and young adults in North America and a growing number of overseas markets, including Western Europe and India. Shares fell this quarter on a greater-thananticipated impact from Apple’s new privacy changes for iOS mobile devices. These changes made it more difficult for Snapchat to measure the effectiveness of ads shown on its platform. We believe this is a near-term, industry-wide issue for which Snap is already developing a solution. Longer term, we continue to view Snap favorably as the company sustains its rapid pace of product innovation and expands its premium partnerships with advertisers.”

Of the 912 hedge funds tracked by Insider Monkey during Q1 2022, 54 funds held a stake in  Snap Inc. (NYSE:SNAP).

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