Snap Inc. (NYSE:SNAP) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 114,874,543 shares, a decline of 5.2% from the October 13th total of 121,134,857 shares. Approximately 29.3% of the company’s shares are short sold. Based on an average daily trading volume, of 18,493,373 shares, the short-interest ratio is currently 6.2 days.
In other news, CEO Evan Spiegel sold 1,652,966 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $12.42, for a total value of $20,529,837.72. Following the completion of the transaction, the chief executive officer now owns 86,657,812 shares of the company’s stock, valued at $1,076,290,025.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Timothy Sehn sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total transaction of $2,250,000.00. Following the completion of the transaction, the vice president now directly owns 2,679,168 shares of the company’s stock, valued at approximately $40,187,520. The disclosure for this sale can be found here. In the last three months, insiders sold 3,390,840 shares of company stock valued at $46,096,313.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Seven Bridges Advisors LLC bought a new position in Snap during the 2nd quarter valued at $101,000. First Manhattan Co. boosted its stake in Snap by 384.5% during the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after acquiring an additional 6,056 shares during the last quarter. WFG Advisors LP boosted its stake in Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after acquiring an additional 2,537 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Snap during the second quarter worth $137,000. Hedge funds and other institutional investors own 17.33% of the company’s stock.
Several brokerages recently commented on SNAP. Oppenheimer Holdings, Inc. dropped their price target on shares of Snap from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Wednesday, November 8th. Aegis dropped their price target on shares of Snap from $15.00 to $13.00 and set a “hold” rating for the company in a research report on Wednesday, November 8th. Barclays PLC dropped their price target on shares of Snap from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 8th. Stifel Nicolaus lowered shares of Snap from a “buy” rating to a “hold” rating and dropped their price target for the stock from $18.00 to $13.00 in a research report on Wednesday, November 8th. Finally, Pivotal Research reaffirmed a “sell” rating and set a $8.00 price target (down previously from $9.00) on shares of Snap in a research report on Wednesday, November 8th. Fifteen research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $17.12.
Snap (SNAP) opened at $12.57 on Wednesday. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. The company’s revenue for the quarter was up 62.2% on a year-over-year basis. research analysts expect that Snap will post -3.04 earnings per share for the current year.
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Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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