Snap shares rebound on Tuesday, company appoints Derek Andersen as its new Chief Financial Officer

Snap Inc (SNAP) said on Monday that it had appointed Derek Andersen as its next Chief Financial Officer. The new appointment comes several months after Tim Stone left Snap after serving as CFO for less than 12 months.

At that time, Lara Sweet, who joined Snap in June 2016, was named as interim Chief Financial Officer. Earlier this week, she was appointed as the companys chief people officer, CNBC reported.

Snap shares closed higher for the sixth time in the past twelve trading sessions in New York on Tuesday. It has also been the sharpest daily surge since May 16th. The stock went up 3.13% ($0.35) to $11.54, after touching an intraday high at $11.56, or a price level not seen since May 17th ($11.64).

Shares of Snap Inc have risen 109.44% so far this year, following a 62.29% drop in 2018.

“Derek has played a critical role in building our finance function since joining Snap almost a year ago, as well as leading our cost efficiency initiatives and strategic planning processes,” Evan Spiegel, Snaps Chief Executive Officer, said in a statement, cited by CNBC.

Andersen has been Snaps vice president of finance since July 2018. Prior to that engagement, he served as vice president of finance at Amazon.com Inc.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Snap Inc’s stock price, have a median target of $12.00, with a high estimate of $17.00 and a low estimate of $8.00. The median estimate represents a 3.99% upside compared to the closing price of $11.54 on May 21st.

The same media also reported that 29 out of 39 surveyed investment analysts had rated Snap Inc’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Snap Inc (SNAP) are presented as follows:

Central Pivot Point – $11.06
R1 – $12.07
R2 – $12.66
R3 – $13.67
R4 – $14.69

S1 – $10.47
S2 – $9.46
S3 – $8.87
S4 – $8.29