Snap Inc. (NYSE:SNAP) Short Interest Up 22.3% in March

Snap Inc. (NYSE:SNAP) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 74,940,000 shares, a growth of 22.3% from the March 15th total of 61,270,000 shares. Based on an average daily trading volume, of 31,130,000 shares, the short-interest ratio is presently 2.4 days. Approximately 6.9% of the shares of the stock are sold short.

Snap Stock Performance

Shares of NYSE SNAP traded down $0.26 during midday trading on Monday, reaching $7.62. The company’s stock had a trading volume of 27,504,978 shares, compared to its average volume of 28,021,441. The firm has a 50 day moving average price of $9.13 and a 200-day moving average price of $10.54. The stock has a market capitalization of $12.93 billion, a P/E ratio of -18.14 and a beta of 0.92. Snap has a 12-month low of $7.08 and a 12-month high of $17.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. As a group, equities analysts predict that Snap will post -0.3 earnings per share for the current year.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 61,334 shares of Snap stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $664,860.56. Following the transaction, the chief financial officer now owns 3,564,235 shares in the company, valued at approximately $38,636,307.40. The trade was a 1.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the completion of the sale, the general counsel now owns 480,498 shares of the company’s stock, valued at $5,520,922.02. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,356,523 shares of company stock worth $12,710,077. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several hedge funds and other institutional investors have recently modified their holdings of SNAP. NBC Securities Inc. raised its stake in shares of Snap by 154,650.0% during the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock valued at $26,000 after purchasing an additional 3,093 shares during the period. Mountain Hill Investment Partners Corp. purchased a new position in Snap in the fourth quarter worth $27,000. Raiffeisen Bank International AG bought a new position in shares of Snap during the 4th quarter valued at about $30,000. Rakuten Securities Inc. raised its stake in shares of Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock worth $30,000 after acquiring an additional 2,123 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in Snap during the fourth quarter valued at about $32,000. Institutional investors own 47.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Piper Sandler lowered their price objective on Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Morgan Stanley lowered their price target on shares of Snap from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday. JMP Securities reissued a “market outperform” rating and issued a $16.00 price objective on shares of Snap in a research note on Monday, January 27th. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Finally, UBS Group dropped their target price on shares of Snap from $14.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.60.

Snap Company Profile

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.