Snap Inc. (NYSE: SNAP), the parent company of Snapchat, finished Friday’s session (November 21, 2025) at $7.69 per share, down about 1.2% on the day and logging its third straight daily loss. [1]
Despite the red close, SNAP remains a name to watch after this month’s AI-fueled rally, a stronger-than-expected Q3 revenue print, and a high‑profile partnership with Perplexity AI that briefly sent the stock soaring earlier in November. [2]
Below is a detailed, news‑style rundown of where SNAP stock stands as of the close on November 21, 2025, what’s been driving it, and the key themes traders and longer‑term investors are watching.
SNAP stock today: price, volume, and recent trend
On Friday, November 21, 2025:
- Closing price: $7.69
- Daily move: –1.16%
- Intraday range: roughly $7.56–$7.94
- Volume: ~41 million shares, well below its 50‑day average near 98 million shares [3]
The weak finish caps a three‑day pullback:
- Wed 11/19: closed at $8.03 (–2.7%) [4]
- Thu 11/20: closed at $7.78 (–3.1%) [5]
- Fri 11/21: closed at $7.69 (–1.2%) [6]
Over the past week, SNAP has drifted down from about $8.31 on November 14 to $7.69 — roughly a 7% weekly decline, even as major U.S. indices were generally higher on Friday. [7]
In a longer‑term context:
- SNAP now trades over 40% below its 52‑week high of $13.28, set on January 10, 2025. [8]
- The stock is much closer to its 12‑month low around $6.90 than that high. [9]
Interestingly, MarketWatch notes that even though SNAP fell on Friday, it “outperformed some competitors” while the NASDAQ Composite gained 0.88% and the Dow Jones Industrial Average rose 1.08%, reflecting a mixed day for big‑cap tech relative to smaller growth names. [10]
How Snap got here: Q3 earnings and the Perplexity AI catalyst
The story of SNAP stock in November is really the story of Q3 2025 earnings plus a splashy AI partnership.
On November 5, 2025, Snap reported:
- Q3 revenue: about $1.51–$1.507 billion, up roughly 10% year over year, and slightly ahead of Wall Street estimates. [11]
- Net loss: narrowed to $104 million from $153 million a year earlier. [12]
- Free cash flow: positive at $93 million, with operating cash flow of $146 million. [13]
- Daily Active Users (DAUs): up about 8% year over year to 477 million. [14]
Snap credited the beat largely to strong demand for direct‑response ads, particularly formats optimized for purchases and app installs. [15]
At the same time, Snap unveiled a $400 million partnership with Perplexity AI, involving both cash and equity, to:
- Integrate Perplexity’s AI‑powered search into Snapchat
- Offer verifiable, in‑app question‑and‑answer experiences to users
- Start contributing revenue in 2026 [16]
That announcement triggered a violent relief rally:
- Reuters and other outlets reported after‑hours and pre‑market jumps of roughly 18–24% as the news hit the tape. [17]
- SNAP’s closing price leapt from around $7.30 on November 5 to the low‑$8s on November 6–7, and it traded above $8.70 the following week. [18]
Even after this week’s pullback, Friday’s $7.69 close is still roughly 5% above where the stock sat before that earnings/AI double‑header.
Fundamentals check: growth, users, and the profitability gap
From a fundamental perspective, Snap looks like a growth story that’s stabilizing but still unprofitable.
Key Q3 2025 metrics and guidance:
- Revenue growth: ~10% year over year, a meaningful acceleration after a choppy period for digital ads. [19]
- User base: 477 million DAUs, up 8% year over year, with strong engagement in augmented reality (AR) features. [20]
- Profitability: EPS of –$0.06 missed a +$0.06 consensus estimate in some models, leaving margins in the high‑single‑digit negative range and return on equity around –22%. [21]
- Balance sheet: around $3.0 billion in cash, cash equivalents, and marketable securities as of September 30, 2025, against relatively modest near‑term debt. [22]
- Q4 2025 outlook: revenue guidance of roughly $1.68–$1.71 billion, implying 8–10% growth year over year. [23]
Management also flagged a notable risk: Snap expects that regulatory and age‑verification changes, including Australia’s proposed Social Media Minimum Age bill, could put downward pressure on DAUs in Q4 — a key metric for sentiment around social media stocks. [24]
In short, the top line is growing again, cash flow is improving, but Snap is not yet consistently profitable and faces regulatory headwinds in some markets.
Product and strategy: AI, AR, and new ad tools
Beyond the headline Perplexity deal, Snap has been quietly layering in new product and monetization levers that matter for the stock’s story.
1. AI integration and discovery
The Perplexity AI partnership is the clearest bet: Snap will embed AI‑powered search and Q&A directly in Snapchat, with revenue from the deal expected to begin in 2026. [25]
CEO Evan Spiegel has emphasized a goal of making AI “more personal and social” inside Snapchat rather than simply copying generic chatbot interfaces, betting that richer discovery and Q&A tools will deepen engagement and ad opportunities over time. [26]
2. AR and creative experiences
Snap remains one of the leaders in augmented reality lenses:
- The company has been rolling out its “Imagine Lens”, which lets users generate creative scenes and effects using AI. [27]
- Recent campaigns include AR tie‑ins with Xbox (scanning the moon for an Outer Worlds 2 promotion) and with Disney’s “Zootopia 2”, using AR to bring movie worlds into Snapchat. [28]
These kinds of branded AR experiences feed directly into Snap’s pitch to advertisers that it can deliver immersive, interactive campaigns to a highly engaged Gen Z and young Millennial audience. [29]
3. Ad platform upgrades
On the monetization side, Snap has been introducing more automation and optimization tools for advertisers:
- New features like “Smart Bidding” and “Smart Budget” aim to automatically optimize campaigns using Snap’s AI models, helping brands hit performance goals without micromanaging every setting. [30]
Third‑party marketing guides continue to highlight Snapchat as a high‑impact channel for vertical video and AR ads, especially for brands targeting younger demographics. [31]
4. Snapchat+ and user feedback
On the consumer side, Snap recently rolled out “Comic Bitmoji” — a way for Snapchat+ subscribers to bring back 2D‑style avatars after backlash against the more realistic 3D Bitmoji designs. [32]
The move shows Snap is still listening to its core users, a subtle but important point when competitors like TikTok and Instagram are fighting hard for the same audience.
Analyst sentiment: still a “Hold” story
Despite the flashy AI headlines, Wall Street’s overall take on SNAP remains cautious‑neutral.
According to MarketBeat and other aggregators:
- SNAP carries a consensus rating of “Hold”, based on around 30+ analysts.
- Roughly 3–4 analysts rate the stock “Sell,” the large majority call it “Hold,” and only about four assign a “Buy” rating. [33]
A few notable points:
- Some firms have raised their price targets into the $9–$10 range following Q3 earnings and the Perplexity news, but still label SNAP as a neutral/hold idea. [34]
- MarketBeat’s blended data shows an eye‑popping average 12‑month target around $35, but that figure is heavily skewed by at least one extremely high outlier; the more typical target range clusters in the high‑single‑digits to low‑teens. [35]
Analysts broadly see earnings improving but still negative: consensus calls for full‑year 2025 EPS around –$0.30, improving to roughly –$0.16 next year. [36]
In other words: Wall Street acknowledges Snap’s re‑acceleration in revenue and product momentum, but many are waiting for clear, durable profitability before moving off the sidelines.
Insider activity: notable, but not necessarily a red flag
This month’s insider selling has added a bit of noise around SNAP:
- Ajit Mohan, a key Snap insider, sold about 109,000 shares on November 17 at an average price near $8.34, a transaction worth roughly $912,000. After the sale, he still holds more than 5.3 million shares, and the sale represents only about 2% of his stake. [37]
- Snap’s general counsel, Michael J. O’Sullivan, also sold around 70,882 shares on November 17 for approximately $591,000, with sale prices ranging from roughly $8.17 to $8.45. [38]
These transactions came after the early‑November earnings rally, so they look like partial profit‑taking around $8+, a level now slightly above Friday’s close.
Insider selling is not automatically bearish — executives often sell for diversification or tax reasons — but in a still‑unprofitable growth stock, investors tend to watch these moves closely as a sentiment signal.
How today’s move fits into the bigger SNAP picture
Putting it all together, Friday’s slide to $7.69 looks less like a single, news‑driven event and more like:
- Profit‑taking after a powerful AI‑driven rally earlier in the month
- Normal volatility in a stock with high options activity and heavy retail interest [39]
- A market that’s still trying to price the gap between Snap’s improving fundamentals and its lack of consistent earnings
At this level:
- SNAP trades well below its January high and closer to its 52‑week low, suggesting that expectations remain muted despite recent AI news. [40]
- The stock is still above its pre‑Q3‑earnings price, implying the market is giving some credit for the revenue beat, DAU growth, and Perplexity partnership — just not a free pass. [41]
Key things to watch in SNAP stock going forward
For readers tracking SNAP after today’s move, here are the main storylines to monitor:
- Q4 numbers and DAU trajectory
- How closely will Q4 revenue land to the $1.68–$1.71 billion guidance band?
- Do DAUs dip as much as management warned, or do new features offset regulatory headwinds? [42]
- AI and Perplexity execution
- Does Snap roll out AI‑enhanced discovery and Q&A in a way that users actually adopt?
- Can the company monetize those experiences without alienating users or running afoul of privacy concerns? [43]
- Ad performance and AR monetization
- Are advertisers adopting Smart Bidding/Smart Budget and AR campaigns at scale?
- Do case studies and third‑party marketers continue to highlight strong ROI on Snapchat ads compared with rivals? [44]
- Competitive pressure from Meta, TikTok, and others
- Meta and TikTok are rapidly integrating AI into recommendation engines and creative tools. Snap needs to show it can compete on innovation even with far fewer resources. [45]
- Path to sustainable profitability
- With positive free cash flow and a $3 billion cash pile, Snap has runway — but the stock’s multiple and analyst stance will hinge on when and how margins turn persistently positive. [46]
Bottom line on SNAP stock after November 21, 2025
As of today’s close:
- SNAP is a “show‑me” story. Revenue is growing again, user metrics are solid, and AI/AR initiatives are intriguing — but the company is still losing money and faces regulatory and competitive challenges. [47]
- Wall Street is wary but engaged. Dozens of analysts cover the name, yet the consensus rating is firmly Hold, reflecting optimism about the product roadmap alongside skepticism about profitability and execution risk. [48]
- Today’s decline extends a short‑term losing streak, but in the context of this month’s big AI‑driven spike, it looks more like a cool‑down than a fresh, thesis‑changing shock.
For now, SNAP stock sits in the middle of a tug‑of‑war between:
- Bulls who see AI, AR, and a massive Gen Z user base as long‑term assets, and
- Bears and skeptics who focus on ongoing losses, insider selling, and fierce competition.
Important note
This article is for informational and news purposes only and reflects publicly available data as of the close on November 21, 2025. It is not personal investment advice or a recommendation to buy or sell any security. Always do your own research and consider speaking with a licensed financial professional before making investment decisions.
References
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