Shares of Snap Inc (NYSE:SNAP) gapped up before the market opened on Tuesday . The stock had previously closed at $8.71, but opened at $8.95. Snap shares last traded at $9.05, with a volume of 37237000 shares.
SNAP has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Snap from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. Nomura initiated coverage on shares of Snap in a report on Wednesday, July 11th. They set a “neutral” rating and a $13.00 price objective for the company. Cowen reduced their price target on shares of Snap from $9.00 to $8.00 and set an “underperform” rating for the company in a report on Friday, July 13th. Wedbush reissued a “hold” rating and issued a $10.00 price target on shares of Snap in a report on Friday, August 3rd. Finally, SunTrust Banks reissued a “hold” rating and issued a $13.00 price target on shares of Snap in a report on Monday, August 6th. Eleven equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $14.45.
The company has a market cap of $11.56 billion, a PE ratio of -4.29 and a beta of -2.84.
Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.18. Snap had a negative net margin of 155.31% and a negative return on equity of 49.79%. The business had revenue of $262.26 million for the quarter, compared to analyst estimates of $247.24 million. equities analysts forecast that Snap Inc will post -1.07 EPS for the current year.
In other Snap news, VP Lara Sweet sold 10,268 shares of the business’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $13.18, for a total transaction of $135,332.24. Following the completion of the transaction, the vice president now owns 620,358 shares of the company’s stock, valued at $8,176,318.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Evan Spiegel sold 1,520,640 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total value of $16,073,164.80. Following the completion of the transaction, the chief executive officer now directly owns 81,400,642 shares of the company’s stock, valued at approximately $860,404,785.94. The disclosure for this sale can be found here. Insiders have sold a total of 3,346,960 shares of company stock worth $37,977,549 in the last three months.
Several institutional investors have recently bought and sold shares of SNAP. Steward Partners Investment Advisory LLC boosted its holdings in shares of Snap by 188.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock worth $131,000 after buying an additional 6,556 shares in the last quarter. North Star Investment Management Corp. boosted its holdings in shares of Snap by 283.0% during the 2nd quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock worth $133,000 after buying an additional 7,500 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Snap during the 1st quarter worth approximately $134,000. Greenwood Capital Associates LLC bought a new position in shares of Snap during the 2nd quarter worth approximately $138,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Snap in the 2nd quarter worth $138,000. Hedge funds and other institutional investors own 22.29% of the company’s stock.
About Snap (NYSE:SNAP)
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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