Snap Inc. (NYSE:SNAP) Short Interest Up 14.8% in October


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Snap Inc. (NYSE:SNAP) was the recipient of a large increase in short interest in October. As of October 30th, there was short interest totalling 75,330,000 shares, an increase of 14.8% from the October 15th total of 65,590,000 shares. Based on an average daily volume of 33,390,000 shares, the short-interest ratio is currently 2.3 days. Approximately 8.2% of the company’s stock are sold short.

Several equities research analysts recently issued reports on SNAP shares. Canaccord Genuity reiterated a “hold” rating and issued a $36.00 target price (up from $25.00) on shares of Snap in a research note on Wednesday, October 21st. Wells Fargo & Company raised their target price on shares of Snap from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Stifel Nicolaus raised their target price on shares of Snap from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. 140166 raised their target price on shares of Snap from $25.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Finally, ValuEngine upgraded shares of Snap from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-six have given a buy rating to the stock. Snap currently has a consensus rating of “Buy” and an average target price of $33.38.

In other news, insider Jeremi Gorman sold 15,415 shares of the firm’s stock in a transaction dated Wednesday, November 18th. The stock was sold at an average price of $39.25, for a total value of $605,038.75. Following the completion of the transaction, the insider now owns 2,117,577 shares in the company, valued at approximately $83,114,897.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jerry James Hunter sold 60,895 shares of the firm’s stock in a transaction dated Wednesday, November 18th. The shares were sold at an average price of $39.81, for a total value of $2,424,229.95. Following the completion of the transaction, the vice president now owns 1,898,530 shares of the company’s stock, valued at approximately $75,580,479.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,427,053 shares of company stock valued at $176,204,204.

A number of hedge funds have recently added to or reduced their stakes in the stock. Kathmere Capital Management LLC acquired a new position in shares of Snap during the third quarter valued at about $590,000. DSAM Partners London Ltd acquired a new position in shares of Snap during the third quarter valued at about $9,855,000. Public Employees Retirement System of Ohio acquired a new position in shares of Snap during the third quarter valued at about $143,000. Voloridge Investment Management LLC acquired a new position in shares of Snap during the third quarter valued at about $4,824,000. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Snap by 4.4% during the third quarter. Great West Life Assurance Co. Can now owns 714,373 shares of the company’s stock valued at $18,649,000 after purchasing an additional 29,947 shares during the period. Institutional investors and hedge funds own 47.00% of the company’s stock.

SNAP stock traded up $2.00 during midday trading on Friday, hitting $44.29. The stock had a trading volume of 28,635,846 shares, compared to its average volume of 31,235,199. The firm has a market cap of $65.99 billion, a P/E ratio of -59.05 and a beta of 1.52. The company has a current ratio of 5.99, a quick ratio of 5.99 and a debt-to-equity ratio of 0.74. Snap has a 1-year low of $7.89 and a 1-year high of $45.60. The business has a fifty day moving average price of $35.59 and a two-hundred day moving average price of $25.24.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.19. The business had revenue of $678.67 million for the quarter, compared to analyst estimates of $551.36 million. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. Snap’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.04) earnings per share. On average, equities analysts anticipate that Snap will post -0.71 EPS for the current year.

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 called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat 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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