Snap (NYSE:SNAP) Shares Down 4.2% – Here’s What Happened

Snap Inc. (NYSE:SNAP) shares were down 4.2% during mid-day trading on Thursday . The stock traded as low as $11.29 and last traded at $11.34. Approximately 10,056,211 shares traded hands during trading, a decline of 64% from the average daily volume of 27,943,342 shares. The stock had previously closed at $11.84.

Wall Street Analysts Forecast Growth

SNAP has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $640.00 price target on shares of Snap in a research note on Thursday, December 5th. Loop Capital raised their price target on Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. B. Riley upped their price objective on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and set a $13.00 target price (up previously from $12.00) on shares of Snap in a report on Wednesday, October 30th. Finally, Evercore ISI increased their price target on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Snap currently has an average rating of “Hold” and an average target price of $36.99.

Snap Trading Down 3.2 %

The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. The firm has a market capitalization of $18.21 billion, a P/E ratio of -18.72 and a beta of 0.98. The business’s 50-day moving average is $11.53 and its 200 day moving average is $11.36.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company’s revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) EPS. As a group, analysts anticipate that Snap Inc. will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $10.84, for a total value of $195,120.00. Following the completion of the transaction, the general counsel now owns 498,498 shares in the company, valued at $5,403,718.32. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the transaction, the chief technology officer now owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. This trade represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,451,618 shares of company stock worth $17,560,157 over the last 90 days.

Institutional Investors Weigh In On Snap

A number of institutional investors have recently modified their holdings of the company. HCR Wealth Advisors grew its position in Snap by 3.9% in the 4th quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock valued at $269,000 after purchasing an additional 934 shares during the period. Metis Global Partners LLC boosted its position in Snap by 6.9% in the third quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock worth $207,000 after purchasing an additional 1,255 shares during the last quarter. Intech Investment Management LLC grew its stake in Snap by 1.9% in the 3rd quarter. Intech Investment Management LLC now owns 77,592 shares of the company’s stock valued at $830,000 after purchasing an additional 1,433 shares during the period. HB Wealth Management LLC raised its stake in shares of Snap by 7.7% during the 4th quarter. HB Wealth Management LLC now owns 21,187 shares of the company’s stock worth $228,000 after purchasing an additional 1,513 shares during the period. Finally, MML Investors Services LLC boosted its holdings in shares of Snap by 6.8% in the 3rd quarter. MML Investors Services LLC now owns 25,245 shares of the company’s stock worth $270,000 after buying an additional 1,614 shares during the last quarter. 47.52% of the stock is owned by 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.