Snapchat co-founders Bobby Murphy (CTO) and Evan Spiegel (CEO) ring the opening bell on March 2, 2017, at the NYSE in New York City as NYSE president Thomas Farley looks on.

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Snapchat co-founders Bobby Murphy (CTO) and Evan Spiegel (CEO) ring the opening bell on March 2, 2017, at the NYSE in New York City as NYSE president Thomas Farley looks on.

Snapchat parent Snap reports earnings Thursday, and for all the investor hype and media attention surrounding it, it’s important to note one thing: Snap is one of the most extremely over-analyzed stocks relative to its overall value.

In fact, the social media company has more analysts covering it than it has billions of dollars in market cap. Not many major companies can make that claim. And the ones that do are often very problematic.

There are 21 analysts focusing on the company, according to Yahoo Finance, and its market cap before reporting earnings is around $16 billion. That means there are 1.3 analysts watching the company for every billion in value.

Consider the companies that have even more analysts than SNAP but with even less market value. They’re an infamous list with names like Chipotle, Under Armour, Foot Locker, Ulta, Coach, Trip Advisor, Viacom and Garmin.

On the other extreme end, you have the major economically important firms with over $10 billion in market cap per analyst. Tech giants like Apple, Microsoft, Facebook, Amazon and Alphabet range from $13 to $24 billion in market cap per analyst, averaging $18 billion.

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