Snap (NYSE:SNAP) Trading Down 9%


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Snap Inc. (NYSE:SNAP)’s share price traded down 9% on Tuesday . The stock traded as low as $53.60 and last traded at $53.87. 728,441 shares were traded during mid-day trading, a decline of 97% from the average session volume of 24,168,006 shares. The stock had previously closed at $59.17.

A number of research analysts have commented on SNAP shares. Moffett Nathanson upgraded Snap from a “neutral” rating to a “buy” rating and upped their price target for the stock from $39.00 to $57.00 in a research note on Friday, January 15th. MKM Partners lifted their target price on Snap from $65.00 to $83.00 in a research report on Wednesday, February 24th. Wolfe Research initiated coverage on shares of Snap in a research note on Wednesday, March 31st. They issued an “outperform” rating and a $65.00 price objective for the company. Rosenblatt Securities upped their target price on shares of Snap from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, March 2nd. Finally, UBS Group raised their price target on shares of Snap from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, March 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirty have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $67.71.

The company has a market cap of $81.67 billion, a PE ratio of -71.45 and a beta of 1.29. The company has a debt-to-equity ratio of 0.75, a quick ratio of 5.43 and a current ratio of 5.43. The stock’s 50-day simple moving average is $58.66 and its 200 day simple moving average is $52.90.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, April 22nd. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.02. Snap had a negative net margin of 49.74% and a negative return on equity of 48.53%. The firm had revenue of $769.58 million during the quarter, compared to analysts’ expectations of $739.61 million. During the same period in the prior year, the company posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 66.4% on a year-over-year basis. On average, sell-side analysts predict that Snap Inc. will post -0.64 EPS for the current fiscal year.

In other news, CTO Robert C. Murphy sold 950,000 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $59.52, for a total value of $56,544,000.00. Following the completion of the transaction, the chief technology officer now owns 80,056,819 shares in the company, valued at approximately $4,764,981,866.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joanna Coles sold 2,438 shares of the firm’s stock in a transaction dated Monday, February 8th. The shares were sold at an average price of $63.39, for a total transaction of $154,544.82. Following the completion of the sale, the director now owns 52,122 shares of the company’s stock, valued at approximately $3,304,013.58. The disclosure for this sale can be found here. Insiders sold a total of 1,469,463 shares of company stock valued at $88,079,591 over the last three months.

Several large investors have recently made changes to their positions in SNAP. Carroll Financial Associates Inc. increased its stake in Snap by 6,509.3% in the 4th quarter. Carroll Financial Associates Inc. now owns 3,569 shares of the company’s stock valued at $178,000 after purchasing an additional 3,515 shares in the last quarter. NuWave Investment Management LLC boosted its position in shares of Snap by 51,212.5% in the 4th quarter. NuWave Investment Management LLC now owns 8,210 shares of the company’s stock worth $411,000 after buying an additional 8,194 shares in the last quarter. Huntington National Bank grew its stake in Snap by 4.5% in the 4th quarter. Huntington National Bank now owns 65,049 shares of the company’s stock valued at $3,258,000 after acquiring an additional 2,774 shares during the last quarter. TRUE Private Wealth Advisors increased its holdings in Snap by 14.4% during the 4th quarter. TRUE Private Wealth Advisors now owns 11,500 shares of the company’s stock valued at $575,000 after acquiring an additional 1,450 shares in the last quarter. Finally, Hohimer Wealth Management LLC acquired a new position in Snap during the fourth quarter worth about $330,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

About Snap (NYSE:SNAP)

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images. It also provides Spectacles, an eyewear product that connects with Snapchat and captures video from a human perspective; and advertising products, including AR and Snap ads.

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