Shares of Snap (NYSE: SNAP), the parent of Snapchat, were moving lower last month as broader headwinds against growth stocks overshadowed a solid first-quarter earnings report.
As interest rates rise, investors are reassessing valuations for growth stocks like Snap, and consequently many of these stocks have fallen in the past few months. Concerns about inflation and a potential recession also seem to be adding to the headwinds. According to data from S&P Global Market Intelligence, the stock finished last month down 21%.
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Source Fool.com