Following the news that will Snap has been subpoenaed by the Securities along with Exchange Commission along with U.S. Justice Department for allegedly misleading investors in its IPO, short-seller Andrew Left was bullish on Snap stock, saying he was surprised shares didn’t dip lower on the news.
“I own Snap. This kind of’s so beaten down, you have a high short interest,” Left said on CNBC’s Halftime Report. “Look at the negative news that will turned out on Snapchat today along with This kind of should be trading much lower, right? What more negative can you get right currently on Snapchat?”
Shares of Snap were down more than 3.4 percent at Wednesday’s close, along with down more than 70 percent by the close of the company’s first day of trading in March 2017. although Left warned investors not to turn away by the stock just yet.
“If you have kids that will use Snapchat you’ll know how much they actually do use Snapchat. along with you still can’t say This kind of’s dead,” Left said. “There’s 180 million people out there, young ones, who are using Snapchat.”
He said he hopes CEO Evan Spiegel will open up to partnerships along with an eventual sale, saying he thinks buying Snap might be “a no-brainer purchase for Amazon.”
“The crazy part about This kind of, with Snapchat, This kind of’s always been an issue, ‘might he sell the company?’ Not, ‘could they find a buyer for the company?” Left said.