Benzinga | Aug 31, 2021 03:10PM EDT

Why Snap Shares Are Rising

Snap Inc (NYSE:SNAP) shares are trading higher by 3.2% at $76.87 after trader Mark Minervini reportedly named the stock a new long idea.

Snap shares were trading higher August 23 after Investors Business Daily's swing trader reportedly named the stock a long pick.

Snap is trading higher by 56.2% on a year-to-date basis amid strength in social media names for 2021.

Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S.

Snap has a 52-week high of $80.85 and a 52-week low of $21.44.