Snap Inc (SNAP) Sees Significant Drop in Short Interest

Snap Inc (NYSE:SNAP) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 130,048,111 shares, a drop of 9.5% from the October 31st total of 143,735,290 shares. Approximately 22.7% of the company’s stock are short sold. Based on an average daily trading volume, of 16,608,025 shares, the short-interest ratio is presently 7.8 days.

Shares of SNAP opened at $6.51 on Monday. The company has a market cap of $8.41 billion, a P/E ratio of -3.13 and a beta of -0.49. Snap has a twelve month low of $5.77 and a twelve month high of $21.22.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.05. The company had revenue of $297.70 million during the quarter, compared to the consensus estimate of $283.54 million. Snap had a negative net margin of 131.39% and a negative return on equity of 49.42%. On average, research analysts forecast that Snap will post -1.01 EPS for the current fiscal year.

Several equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Snap from a “hold” rating to a “strong-buy” rating and set a $7.75 target price for the company in a report on Wednesday, October 24th. Citigroup lowered their target price on shares of Snap from $8.00 to $7.00 and set a “sell” rating for the company in a report on Thursday, October 4th. Stifel Nicolaus lowered their target price on shares of Snap from $15.00 to $9.00 and set a “hold” rating for the company in a report on Wednesday, October 24th. Pivotal Research upgraded shares of Snap from a “hold” rating to a “buy” rating and lowered their target price for the company from $9.00 to $8.00 in a report on Friday, October 12th. Finally, Credit Suisse Group lowered their target price on shares of Snap from $16.00 to $15.00 and set an “outperform” rating for the company in a report on Wednesday, August 8th. Nine investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Snap currently has an average rating of “Hold” and a consensus price target of $11.84.

In other news, VP Jerry James Hunter sold 97,656 shares of Snap stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $6.42, for a total transaction of $626,951.52. Following the completion of the transaction, the vice president now directly owns 1,767,834 shares in the company, valued at $11,349,494.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy R. Stone sold 8,619 shares of Snap stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $9.29, for a total transaction of $80,070.51. Following the transaction, the chief financial officer now owns 1,224,343 shares of the company’s stock, valued at $11,374,146.47. The disclosure for this sale can be found here. Insiders sold 2,650,187 shares of company stock valued at $25,777,654 over the last 90 days.

Institutional investors and hedge funds have recently made changes to their positions in the stock. OppenheimerFunds Inc. grew its position in Snap by 171.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock worth $486,385,000 after purchasing an additional 23,468,531 shares during the period. Vanguard Group Inc. grew its position in Snap by 57.6% in the 3rd quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares during the period. First Trust Advisors LP bought a new stake in Snap in the 2nd quarter worth approximately $132,330,000. Hillhouse Capital Management Ltd. grew its position in Snap by 81.1% in the 2nd quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock worth $143,853,000 after purchasing an additional 4,921,688 shares during the period. Finally, FMR LLC grew its position in Snap by 18.4% in the 2nd quarter. FMR LLC now owns 24,968,882 shares of the company’s stock worth $326,842,000 after purchasing an additional 3,886,373 shares during the period. 21.70% of the stock is owned by institutional investors.

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About Snap

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 to 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 to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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