Snap (NYSE:SNAP) Trading Down 4.2% – Here’s What Happened

Snap Inc. (NYSE:SNAP) traded down 4.2% on Thursday . The stock traded as low as $11.29 and last traded at $11.34. 10,056,211 shares traded hands during trading, a decline of 64% from the average session volume of 27,943,342 shares. The stock had previously closed at $11.84.

Analysts Set New Price Targets

SNAP has been the topic of a number of research analyst reports. Truist Financial raised their price target on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a report on Wednesday, October 30th. Benchmark reaffirmed a “hold” rating on shares of Snap in a research note on Friday, October 25th. Guggenheim reissued a “buy” rating and set a $12.11 price objective on shares of Snap in a research note on Tuesday, December 3rd. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Snap in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $36.99.

Snap Stock Down 3.9 %

The company has a market capitalization of $19.08 billion, a PE ratio of -19.69 and a beta of 0.98. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a fifty day simple moving average of $11.58 and a 200-day simple moving average of $11.40.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The business’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. Equities research analysts anticipate that Snap Inc. will post -0.39 EPS for the current fiscal year.

Insider Transactions at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,451,618 shares of company stock valued at $17,560,157.

Hedge Funds Weigh In On Snap

A number of large investors have recently bought and sold shares of SNAP. Marshall Wace LLP raised its position in shares of Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. increased its position in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after buying an additional 4,098,847 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares during the last quarter. Discovery Capital Management LLC CT bought a new position in shares of Snap during the second quarter worth about $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Snap by 49.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after acquiring an additional 1,297,348 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.