Social media platform Snapchat’s (owned by Snap Inc. (NYSE:SNAP)), marketing API (Application Programming Interface) is being integrated with Marin Software’s (NASDAQ:MRIN) flagship MarinOne platform to help advertisers run effective marketing campaigns. Marin stock skyrocketed in Monday’s after-market trading and was surging in Tuesday’s pre-market trading session in reaction to the news.
Marin Software is a digital marketing software services provider for advertisers. MRIN stock was up 22.3% in Tuesday’s pre-market trading as of writing.
Partnership to Provide Advertisers with Useful Insights
With Snapchat’s Marketing API, MarinOne platform users can improve the performance of their Snapchat campaigns through machine learning and automation.
Notably, the MarinOne platform brings together AI bidding, budget pacing, forecasting, performance insights, and recommendations to help advertisers make their Snapchat marketing attractive and efficient.
Additionally, advertisers can market their products to Snapchat’s 347 million daily active users.
Snapchat’s Website Traffic is on an Upswing
Snapchat’s popularity continues to soar even amid heightened competition from other social media platforms. This can be gauged from the company’s rising website traffic, as users continue to flock its platform.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insights into Snapchat’s performance this quarter.
According to the tool, Snapchat website recorded a 28.15% monthly rise in global visits in July, compared to June. Moreover, year-to-date, Snapchat website traffic increased 55.94%, compared to the previous year.
Is Snapchat a Good Stock to Buy?
Overall, the consensus among analysts for Snapchat stock is a Hold based on 10 Buys, 22 Holds, and four Sells. The average SNAP stock price prediction of $14.70 implies 33.5% upside potential from current levels. Shares have declined 85.4% over the past year.
Snapchat is facing intense competition from other social media platforms vying for users’ attention. In such a scenario, the integration of the company’s marketing API into a leading platform, like MarinOne, will allow it to become a useful tool for advertisers looking to popularize their products. Furthermore, the partnership is expected to benefit Snapchat as it gets to cater to a new audience with a different use of its platform.
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