Snap (SNAP) Shares Gap Down After Insider Selling

Snap Inc (NYSE:SNAP) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $14.42, but opened at $14.59. Snap shares last traded at $14.59, with a volume of 27224413 shares trading hands.

Specifically, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $12.38, for a total transaction of $309,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the transaction, the vice president now directly owns 2,669,279 shares in the company, valued at $38,944,780.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,790,711 shares of company stock worth $50,137,268.

SNAP has been the topic of several research analyst reports. Vetr raised shares of Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 target price on the stock in a research note on Thursday, October 19th. Drexel Hamilton reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Snap in a research note on Thursday, September 14th. Morgan Stanley lowered shares of Snap from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 9th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $17.00 price objective (up from $15.00) on shares of Snap in a research note on Friday, September 15th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Snap in a research note on Sunday, October 8th. Seventeen analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $16.84.

The company has a market capitalization of $17,570.00 and a PE ratio of -4.59.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. Snap had a negative net margin of 463.16% and a negative return on equity of 107.36%. The company’s quarterly revenue was up 62.2% compared to the same quarter last year. sell-side analysts expect that Snap Inc will post -3.04 EPS for the current year.

A number of large investors have recently modified their holdings of the business. First Manhattan Co. boosted its position in shares of Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after acquiring an additional 6,056 shares during the period. WFG Advisors LP boosted its position in shares of Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after acquiring an additional 2,537 shares during the period. Nelson Roberts Investment Advisors LLC boosted its position in shares of Snap by 10,033.0% in the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock valued at $147,000 after acquiring an additional 10,033 shares during the period. Westwood Holdings Group Inc. bought a new position in shares of Snap in the second quarter valued at approximately $148,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Snap by 9,588.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock valued at $172,000 after acquiring an additional 9,588 shares during the period. Hedge funds and other institutional investors own 18.88% of the company’s stock.

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Snap Company Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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