Snap Inc (NYSE:SNAP) was the target of a large drop in short interest in March. As of March 29th, there was short interest totalling 92,308,313 shares, a drop of 10.7% from the March 15th total of 103,405,980 shares. Based on an average daily volume of 16,722,965 shares, the days-to-cover ratio is presently 5.5 days. Currently, 14.0% of the company’s stock are short sold.
SNAP opened at $11.85 on Tuesday. The company has a market capitalization of $15.76 billion, a P/E ratio of -12.22 and a beta of 1.18. Snap has a 12-month low of $4.82 and a 12-month high of $15.96.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, February 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.15. The company had revenue of $389.82 million for the quarter, compared to the consensus estimate of $378.90 million. Snap had a negative net margin of 106.39% and a negative return on equity of 46.90%. The firm’s revenue was up 36.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) earnings per share. As a group, analysts expect that Snap will post -0.68 EPS for the current year.
A number of brokerages have recently commented on SNAP. Zacks Investment Research lowered shares of Snap from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Royal Bank of Canada upgraded shares of Snap from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $10.00 to $17.00 in a research note on Friday, April 5th. Deutsche Bank lifted their price target on shares of Snap from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, April 5th. Bank of America lifted their price target on shares of Snap from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Finally, Summit Insights upgraded shares of Snap from a “sell” rating to a “hold” rating and set a $11.50 price target for the company in a research note on Friday, April 5th. Three analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have given a buy rating to the company. Snap has an average rating of “Hold” and an average target price of $9.36.
In other news, VP Jerry James Hunter sold 14,828 shares of Snap stock in a transaction that occurred on Wednesday, January 16th. The shares were sold at an average price of $5.77, for a total value of $85,557.56. Following the completion of the sale, the vice president now directly owns 1,852,833 shares in the company, valued at $10,690,846.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Evan Spiegel sold 4,447,107 shares of Snap stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $9.98, for a total transaction of $44,382,127.86. Following the completion of the sale, the chief executive officer now owns 74,450,661 shares of the company’s stock, valued at $743,017,596.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,517,946 shares of company stock valued at $64,715,231.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. TCI Wealth Advisors Inc. boosted its holdings in shares of Snap by 70.0% in the first quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after buying an additional 1,400 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of Snap by 13.0% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,458 shares of the company’s stock worth $80,000 after buying an additional 1,665 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in Snap by 306.5% during the fourth quarter. FNY Investment Advisers LLC now owns 5,000 shares of the company’s stock valued at $27,000 after purchasing an additional 3,770 shares in the last quarter. Edge Wealth Management LLC lifted its holdings in Snap by 1,173.7% during the fourth quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock valued at $30,000 after purchasing an additional 5,000 shares in the last quarter. Finally, United Services Automobile Association lifted its holdings in Snap by 5.7% during the fourth quarter. United Services Automobile Association now owns 106,320 shares of the company’s stock valued at $586,000 after purchasing an additional 5,746 shares in the last quarter. 23.31% of the stock is currently owned by institutional investors.
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Snap Company Profile
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 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 surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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