Snap Inc (NYSE:SNAP) Sees Large Increase in Short Interest

Snap Inc (NYSE:SNAP) was the target of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 113,100,000 shares, a growth of 5.2% from the April 30th total of 107,540,000 shares. Currently, 13.4% of the shares of the company are sold short. Based on an average daily trading volume, of 32,610,000 shares, the short-interest ratio is presently 3.5 days.

SNAP traded up $0.12 on Friday, reaching $17.67. 12,313,959 shares of the company’s stock were exchanged, compared to its average volume of 31,024,197. The stock has a market cap of $24.92 billion, a PE ratio of -24.21 and a beta of 1.76. Snap has a twelve month low of $7.89 and a twelve month high of $19.75. The stock’s fifty day moving average price is $15.29 and its 200-day moving average price is $15.32. The company has a debt-to-equity ratio of 0.56, a current ratio of 4.83 and a quick ratio of 4.83.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, April 21st. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.12. The firm had revenue of $462.50 million for the quarter, compared to analyst estimates of $420.01 million. Snap had a negative net margin of 55.40% and a negative return on equity of 46.64%. Snap’s quarterly revenue was up 44.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) earnings per share. As a group, research analysts predict that Snap will post -0.74 earnings per share for the current fiscal year.

SNAP has been the subject of a number of research reports. Atlantic Securities upgraded shares of Snap from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $14.00 to $17.00 in a research report on Wednesday, February 5th. Nomura Securities reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Snap in a report on Sunday, March 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Snap in a report on Friday, January 31st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Snap in a report on Monday, April 20th. Finally, Oppenheimer raised shares of Snap from a “market perform” rating to an “outperform” rating and set a $18.00 price objective for the company in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $17.65.

In related news, CEO Evan Spiegel sold 3,877,100 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $16.80, for a total transaction of $65,135,280.00. Following the completion of the transaction, the chief executive officer now directly owns 55,322,882 shares in the company, valued at $929,424,417.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley J. Meresman sold 27,000 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $16.29, for a total transaction of $439,830.00. Following the transaction, the director now owns 46,180 shares of the company’s stock, valued at $752,272.20. The disclosure for this sale can be found here. Insiders have sold 8,302,260 shares of company stock valued at $115,598,948 over the last quarter.

A number of large investors have recently bought and sold shares of SNAP. Edgewood Management LLC acquired a new position in Snap in the 1st quarter valued at about $734,687,000. Capital World Investors lifted its holdings in shares of Snap by 56.2% in the 1st quarter. Capital World Investors now owns 26,552,185 shares of the company’s stock worth $315,705,000 after acquiring an additional 9,548,098 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Snap by 408.3% in the 4th quarter. Renaissance Technologies LLC now owns 9,951,900 shares of the company’s stock worth $162,515,000 after acquiring an additional 7,994,000 shares during the last quarter. FIL Ltd lifted its holdings in shares of Snap by 67.6% in the 4th quarter. FIL Ltd now owns 14,327,572 shares of the company’s stock worth $233,969,000 after acquiring an additional 5,778,674 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Snap by 61,035.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,567,850 shares of the company’s stock worth $42,422,000 after acquiring an additional 3,562,014 shares during the last quarter. Institutional investors own 36.19% of the company’s stock.

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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