HSBC Lowers Snap (NYSE:SNAP) to Hold

HSBC lowered shares of Snap (NYSE:SNAP) from a buy rating to a hold rating in a report published on Friday, MarketBeat.com reports.

Several other research analysts have also recently weighed in on the company. Evercore ISI boosted their price objective on Snap from $13.00 to $14.00 and gave the stock an in-line rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their price target on shares of Snap from $16.00 to $18.00 and gave the stock an overweight rating in a report on Friday, April 26th. Royal Bank of Canada raised their price objective on shares of Snap from $13.00 to $16.00 and gave the stock a sector perform rating in a report on Friday, April 26th. JPMorgan Chase & Co. dropped their target price on shares of Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Friday. Finally, Truist Financial decreased their price target on shares of Snap from $16.00 to $13.00 and set a hold rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $14.23.

Snap Stock Performance

Shares of Snap stock traded down $0.10 during mid-day trading on Friday, hitting $8.61. 32,436,725 shares of the stock were exchanged, compared to its average volume of 28,190,697. The company has a market capitalization of $14.13 billion, a P/E ratio of -10.72 and a beta of 1.03. The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.76 and a current ratio of 3.76. The company has a 50-day simple moving average of $15.21 and a 200 day simple moving average of $13.83. Snap has a 12 month low of $8.28 and a 12 month high of $17.90.

Insider Buying and Selling

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total value of $239,040.00. Following the completion of the transaction, the general counsel now directly owns 463,908 shares of the company’s stock, valued at approximately $6,160,698.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Eric Young sold 115,915 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $15.91, for a total value of $1,844,207.65. Following the transaction, the senior vice president now directly owns 3,292,657 shares in the company, valued at $52,386,172.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total transaction of $239,040.00. Following the completion of the sale, the general counsel now directly owns 463,908 shares in the company, valued at $6,160,698.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 225,078 shares of company stock valued at $3,518,129. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. lifted its holdings in shares of Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after acquiring an additional 1,445 shares during the last quarter. Blue Trust Inc. raised its position in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new stake in Snap during the second quarter worth about $40,000. Allworth Financial LP boosted its holdings in shares of 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 purchasing an additional 1,708 shares in the last quarter. Finally, J.Safra Asset Management Corp increased its position in shares of Snap by 534.4% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after purchasing an additional 2,330 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

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.