Pinterest, Meta, Snap lead social media stocks higher as Elon Musk buys Twitter
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Pinterest (NYSE:PINS), Meta Platforms (NASDAQ:FB) and Snap (NYSE:SNAP) rose after Twitter (NYSE:TWTR) confirmed it was selling itself for $54.20 per share in cash to Elon Musk.
Pinterest (PINS) tacked on nearly 2% to $19.95, while Snap (SNAP) rose nearly 1% to $30.04 and Meta Platforms (FB) gained slightly more than 0.5% to $185.16.
Snap (SNAP) recently reported first-quarter results that came in light of expectations, telling investors it lost an adjusted 2 cents per share on $1.06 billion in revenue. Wall Street was expecting the Evan Spiegel-led company to earn 3 cents per share and generate $1.07 billion in sales.
Both Pinterest (PINS) and Meta Platforms (FB) are set to report first-quarter earnings on April 27 after the close of trading.
A consensus of Wall Street analysts are looking for Meta Platforms (FB) to earn $2.51 per share on $28.24 billion. Conversely, Wall Street analysts are looking for Pinterest (PINS) to earn 4 cents per share on $572.45 million in sales.
Following Snap's (SNAP) quarterly results, investment firm Barclays cut its price target, however, the bank noted the results could have been far worse.