Despite the economy’s reopening, social media platforms are securing increasing user engagement. Thus, Wall Street analysts expect Snap (SNAP), Twitter (NYSE:TWTR), and Bumble (BMBL) to gain 30% in price or more in the coming months. Read on.Despite the reopening of the economy and resumption of outdoor activities, the demand for social media platforms is increasing rapidly. Social media users have increased 9.9% over the past 12 months to 4.55 billion in October. According to Global WebIndex, 57.6% of the world population now uses social media. Furthermore, the global social networking platforms market is expected to reach $939.68 billion by 2026, registering a 25.4% CAGR .
Social media platforms gained immense popularity during the height of the COVID-19 pandemic because people were forced to physically distance themselves from others and turned to social media as a means of staying socially connected. The adoption of social media platforms is still increasing for entertainment purposes and to stay connected with people worldwide for business, education, health, and other works that can be done virtually. Investors’ interest in social media stocks is evidenced by the Global X Social Media ETF (SOCL) 8.2% returns over the past year.
Wall Street analysts expect quality social media stocks Snap Inc . (NYSE:SNAP), Twitter, Inc. (TWTR), and Bumble Inc. (BMBL) to gain significantly in the near term. Therefore, we think these stocks could be solid additions to one’s watchlist.