$SNAP is no longer a penny stock as it closes above $5

For nearly eight years (2018–2026), $7.00 acted as a hard floor for Snap. Two weeks ago that changed as the stock fell below $7 and continued straight to $4.75. I’m pretty confident it will get back to $7 in a run up to April earnings. It fell victim to the sector rotation away from AI stocks as AI fear currently looms. Well, while Snap does indeed use AI it has a super low AI capex. The Saas apocalypse and tech/software selloff punished Snap stock in a manner that didn’t make much sense. The recent Q4 earnings were more good than bad. They gained users almost in every thinkable sense barring DAU in North America and that stole the headline. Meanwhile, their profits were better than ever. They became less reliant on ad revenue as paid subscribers grew massively. A lot of good stuff to come. I think $4s are done and in about a month from now it will be in $6s. April earnings will probably need to be good for the stock to break through its multi year long past floor of $7 which likely now acts as resistance.