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Technology company Snap Inc. (SNAP), known for its camera based smartphone app, has been on a hot streak for much of the past year. While investors who bought the IPO are still in the red, the stock has roared back from lows of just over $5 per share - to more than triple that at $18 per share. The company has benefited from strong revenue growth, and an overall stock market that continues to march higher. The stock's price action has certainly made us look foolish since our previous coverage, but we remain concerned about long term investment prospects. The company continues to burn a lot of cash, despite its growth. Meanwhile, the company's revenue growth is highly concentrated in its existing North American user base. With the stock trading at high revenue multiples, we remain skeptical as to whether shares of Snap can sustain this momentum moving forward.

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