Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
Snap's Big Run: One company that has been a roller coaster investment in the past two years has been social media giant Snap Inc (NASDAQ:SNAP).
Fortunately for Snap investors, the COVID-19 pandemic in 2020 was actually very good for Snap’s business. While other companies were dealing with economic shutdowns, people around the world who were sheltering in place had little to do for entertainment and social interactions other than social media.
Related Link: If You Invested $1,000 In Meta Platforms Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now
At the beginning of 2020, Snap shares were trading at around $16.62. By the beginning of March, the stock was down to $14.35 as news of COVID-19 spreading in China prompted concerns about a U.S. pandemic.
Snap bottomed at $7.89 during the pandemic-driven March sell-off. Fortunately for Snap investors, the dip didn't last long.
By the end of May 2020, Snap shares were back at new 52-week highs near $20, and the stock got as high as $26.76 in July prior to an extended consolidation period. In October 2020, Snap shares jumped more than 30% to new all-time highs after the company reported blowout subscriber growth in the third quarter.
Snap In 2022, Beyond: Snap ultimately made it as high as $83.34 in September 2021 before pulling back to around $28.
Still, investors who bought Snap on the day it hit its 2020 pandemic low and held on have generated a nice overall return on their investment. In fact, $1,000 in Snap stock bought on March 18, 2020, would be worth about $3,349 today.
Looking ahead, analysts are expecting Snap's stock to rebound in the next 12 months. The average price target among the 35 analysts covering the stock is $45, suggesting 61% upside from current levels.
