Social networking platform, Twitter, Inc. (TWTR), said it will discontinue its Fleets feature effective August 3. Shares are down almost 1% in pre-market trading at the time of writing.
Fleets was launched in November 2020 as a lower-pressure way for people to speak their minds. The texts, images, and videos shared on Fleets would only be visible for 24 hours and then disappear. (See Twitter stock charts on TipRanks)
Rivals Snapchat and Facebook have had similar features for years, but Twitter could not attract as much of a following to its disappearing messages feature as it had hoped.
Twitter’s head of Product, Brand & Video Ads, Ilya Brown, said, “Using our learnings from Fleets, we’ll focus on creating other ways for people to join the conversation and talk about what’s happening in their world.”
In a recent Internet Industry Update report, Oppenheimer analyst Jason Helfstein mentioned the multi-year partnership extension between the National Football League (NFL) and Twitter, announced on July 8.
NFL has given a full-season commitment to stream exclusive content on Twitter Spaces, with more than 20 Spaces for the upcoming 2021 NFL season. Helfstein maintains his Buy rating on Twitter.
The stock has an overall Moderate Buy consensus rating based on 9 Buys, 15 Holds, and 1 Sell. The average Twitter price target of $68.18 implies 3% downside potential to current levels. Shares have gained 97% over the past year.
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