Snap Inc. (SNAP) has been one of the best-performing large-cap stocks in the market, up 205% year to date and even greater 250% since its December 2018 52-week low. There was a point last year when the situation looked dire as the stock traded under $5.00 per share falling as much as 82% from its all-time high. The recovery really picked up steam with its earnings release in January that beat expectations presenting a recovery in user numbers and a narrowing loss driven by higher revenues and cost control efforts. One big development was the introduction of the new "gender-swap" and "baby-face" filters in the Snapchat app that became a hit on social media and even crossed over into popular culture back in May. Separately, the company just announced the latest version of its augmented reality wearable camera, the Spectacles 3, set to launch in November. In our view, this is likely the last chance for Snap to prove the Spectacles segment is a viable business after two failed attempts. We're skeptical the product reaches the required critical mass to meaningfully drive growth and continue to be bearish on SNAP's long-term outlook. This article looks at where the stock is headed next.