Snap Inc (NYSE:SNAP) was down 7% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock to $8.00. Citigroup currently has a sell rating on the stock. Snap traded as low as $8.90 and last traded at $9.20. Approximately 51,877,625 shares were traded during trading, an increase of 103% from the average daily volume of 25,584,951 shares. The stock had previously closed at $9.89.
A number of other brokerages have also issued reports on SNAP. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating in a research report on Tuesday, July 24th. Wedbush raised Snap from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $11.50 to $12.25 in a research report on Tuesday. Cowen cut their target price on Snap from $9.00 to $8.00 and set an “underperform” rating on the stock in a research report on Friday, July 13th. Pivotal Research reaffirmed a “sell” rating and set a $9.00 target price on shares of Snap in a research report on Wednesday, August 8th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $12.00 target price on shares of Snap in a research report on Wednesday, August 8th. Twelve analysts have rated the stock with a sell rating, eighteen have given a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $14.60.
In other Snap news, CEO Evan Spiegel sold 1,520,640 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $10.57, for a total value of $16,073,164.80. Following the transaction, the chief executive officer now owns 81,400,642 shares in the company, valued at $860,404,785.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction dated Tuesday, June 19th. The shares were sold at an average price of $13.08, for a total value of $327,000.00. The disclosure for this sale can be found here. Insiders have sold 3,375,218 shares of company stock worth $38,429,235 in the last quarter.
The company has a market cap of $12.68 billion, a P/E ratio of -4.38 and a beta of -2.84.
Snap (NYSE:SNAP) last issued its earnings results on Tuesday, August 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.18. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. The firm had revenue of $262.26 million for the quarter, compared to the consensus estimate of $247.24 million. equities analysts expect that Snap Inc will post -1.07 earnings per share for the current year.
Snap Company Profile (NYSE: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. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to 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 to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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