Snap (NYSE:SNAP) Trading Up 5.8%

Snap Inc. (NYSE:SNAP)’s share price was up 5.8% on Wednesday . The stock traded as high as $11.45 and last traded at $11.01. Approximately 37,208,842 shares changed hands during trading, an increase of 28% from the average daily volume of 29,138,225 shares. The stock had previously closed at $10.41.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SNAP shares. Stifel Nicolaus cut their price objective on Snap from $14.00 to $12.00 and set a “hold” rating on the stock in a research report on Tuesday. Morgan Stanley dropped their price target on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 7th. UBS Group dropped their price target on Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday. Rosenblatt Securities boosted their price target on Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets dropped their price target on Snap from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.86.

Snap Stock Performance

The firm has a market capitalization of $18.42 billion, a PE ratio of -14.01 and a beta of 1.13. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The business’s 50 day simple moving average is $11.21 and its two-hundred day simple moving average is $12.71.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, February 6th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.39 billion. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. Research analysts expect that Snap Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the completion of the sale, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Eric Young sold 120,472 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total value of $1,340,853.36. Following the completion of the sale, the senior vice president now directly owns 3,540,852 shares in the company, valued at approximately $39,409,682.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the completion of the sale, the general counsel now owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,482 shares of company stock worth $5,284,091. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Hedge funds and other institutional investors have recently modified their holdings of the stock. NBC Securities Inc. boosted its holdings in Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares during the period. ICA Group Wealth Management LLC bought a new position in Snap in the 4th quarter worth $29,000. Newbridge Financial Services Group Inc. boosted its holdings in Snap by 75.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $31,000 after buying an additional 1,500 shares during the period. Allworth Financial LP boosted its holdings in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in Snap by 365.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,941 shares of the company’s stock worth $47,000 after buying an additional 3,094 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.