Snap Inc. (SNAP) saw its stock rise by 1.72% to close at $11.81 on November 29, 2024, following a series of positive developments. The stock opened at $11.70 and reached a high of $12.02 during the trading session, driven by a combination of legislative changes and analyst upgrades. The Australian government's recent legislation banning children under 16 from accessing social media platforms, including Snapchat, is perceived as an opportunity for Snap to enhance its safety features, potentially increasing user engagement and attracting more advertisers. Additionally, Citi's decision to raise Snap's price target from $11 to $13, citing global growth in watch time and a doubling of advertisers in Q3, further fueled investor optimism.
The positive sentiment was bolstered by Charles Schwab Investment Management's significant increase in its stake in Snap, as reported in a recent SEC filing. The firm boosted its holdings by 62.4% during the third quarter, now owning over 6.2 million shares. This institutional interest, combined with the legislative and analyst developments, contributed to the stock's upward movement despite the day's trading volume being only 29.89% of the average.