Snap Inc (SNAP) Short Interest Down 10.7% in March

Share on StockTwits

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.

COPYRIGHT VIOLATION NOTICE: “Snap Inc (SNAP) Short Interest Down 10.7% in March” was posted by Macon Daily and is owned by of Macon Daily. If you are viewing this article on another site, it was copied illegally and republished in violation of US & international trademark and copyright law. The correct version of this article can be viewed at https://macondaily.com/2019/04/16/snap-inc-snap-short-interest-down-10-7-in-march.html.

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.

Recommended Story: How is the discount rate different from the Federal Funds rate?

Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.