Snap Inc. (SNAP) Short Interest Update
Snap Inc. (NYSE:SNAP) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 94,623,140 shares, a growth of 36.0% from the August 15th total of 69,596,506 shares. Currently, 19.4% of the shares of the stock are short sold. Based on an average daily volume of 34,325,291 shares, the short-interest ratio is currently 2.8 days.
In other Snap news, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares in the company, valued at approximately $23,528,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $5,000,000.00. Following the completion of the transaction, the vice president now owns 2,204,168 shares in the company, valued at approximately $27,552,100. The disclosure for this sale can be found here. Insiders sold a total of 1,695,724 shares of company stock worth $23,209,887 in the last 90 days.
Several institutional investors have recently added to or reduced their stakes in SNAP. FMR LLC purchased a new position in shares of Snap in the 1st quarter worth about $737,133,000. BlackRock Inc. purchased a new position in shares of Snap in the 1st quarter worth about $211,934,000. Vanguard Group Inc. purchased a new position in shares of Snap in the 1st quarter worth about $152,135,000. General Atlantic LLC purchased a new position in shares of Snap in the 1st quarter worth about $110,010,000. Finally, Dragoneer Investment Group LLC purchased a new position in shares of Snap in the 1st quarter worth about $70,970,000. Institutional investors own 16.40% of the company’s stock.
Snap (NYSE SNAP) opened at 15.25 on Friday. The firm’s market capitalization is $18.26 billion. Snap has a 52-week low of $14.82 and a 52-week high of $29.44. The firm has a 50-day moving average price of $15.12 and a 200 day moving average price of $18.17.
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). The firm had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. The company’s quarterly revenue was up 153.1% compared to the same quarter last year. Analysts forecast that Snap will post ($0.64) EPS for the current year.
SNAP has been the topic of a number of research reports. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $23.00 price objective on shares of Snap in a report on Tuesday, July 11th. CIBC reiterated an “outperform” rating and set a $23.00 price target on shares of Snap in a report on Monday, June 12th. Stifel Nicolaus lowered Snap from a “buy” rating to a “hold” rating and set a $20.00 price target on the stock. in a report on Friday, July 14th. Credit Suisse Group reiterated an “outperform” rating and set a $25.00 price target (down previously from $30.00) on shares of Snap in a report on Monday, July 10th. Finally, Vetr lowered Snap from a “strong-buy” rating to a “buy” rating and set a $24.14 price target on the stock. in a report on Thursday, May 25th. Ten research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $18.31.
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Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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