Snap has been on a roller coaster ride since its IPO a week ago. The stock is trading more than 20% below its highs, but still 32% above where shares were priced.
Now investors are watching what will move the stock next, after Snap options started trading today and the company opened a store for its 'Spectacles' this week just blocks from its office on the Venice Beach Boardwalk.
The next milestone: When the two dozen banks who were underwriters of Snap Inc.'s IPO issue their reports — an event that's been nicknamed a 'booster shot.' The SEC has a mandatory quiet period of ten days after the IPO — which would end Sunday. But most of those banks still adhere to the prior 25 day quiet period rule, which means a flood of analyst reports should land around Monday March 27.
Snap itself is subject to a 25 day quiet period, in which its ability to promote itself in the press is limited. But even after that period expires we shouldn't expect to hear much, as Snap generally avoids the press.
In April, there will be another milestone that will be sure to move Snap's stock: Its first quarterly earnings report. There's no date set yet, but the company's on a traditional calendar, so it should come next month.
After that, the next major milestone that could see a spike in selling: At the end of July, when employees 150 day lockup period expires. One group of investors, which bought more going into the IPO, agreed to a one year lockup period, so there could be another spike in selling activity next March.