Snap (NYSE:SNAP) Trading 5.5% Higher

Posted by MarketBeat News on Aug 4th, 2022

Snap Inc. (NYSE:SNAP – Get Rating) shares were up 5.5% during trading on Tuesday . The company traded as high as $10.13 and last traded at $10.06. Approximately 883,433 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 66,603,784 shares. The stock had previously closed at $9.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. MKM Partners dropped their target price on Snap from $26.00 to $17.00 and set a “maintains” rating for the company in a research report on Friday, July 22nd. JPMorgan Chase & Co. downgraded shares of Snap from an “overweight” rating to an “underweight” rating and cut their target price for the company from $24.00 to $9.00 in a research report on Friday, July 22nd. UBS Group reduced their target price on shares of Snap from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, July 25th. JMP Securities dropped their price target on shares of Snap from $42.00 to $24.00 and set a “market outperform” rating for the company in a research note on Friday, July 22nd. Finally, Argus cut shares of Snap from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Three research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.69.

Snap Stock Up 4.6 %

The company has a current ratio of 5.65, a quick ratio of 5.65 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $17.02 billion, a P/E ratio of -19.85 and a beta of 1.01. The firm’s 50 day moving average price is $13.25 and its two-hundred day moving average price is $25.78.

Insider Activity at Snap

In related news, VP Jerry James Hunter sold 41,961 shares of Snap stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $24.08, for a total value of $1,010,420.88. Following the sale, the vice president now owns 707,918 shares of the company’s stock, valued at $17,046,665.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Snap news, insider Jeremi Gorman sold 8,150 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $24.00, for a total value of $195,600.00. Following the completion of the sale, the insider now owns 1,486,918 shares in the company, valued at $35,686,032. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Jerry James Hunter sold 41,961 shares of Snap stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $24.08, for a total transaction of $1,010,420.88. Following the completion of the transaction, the vice president now directly owns 707,918 shares of the company’s stock, valued at approximately $17,046,665.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,277,886 shares of company stock valued at $16,497,106.

Hedge Funds Weigh In On Snap

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Manchester Capital Management LLC increased its holdings in shares of Snap by 64.7% in the fourth quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock valued at $29,000 after purchasing an additional 244 shares during the last quarter. Cornerstone Advisory LLC acquired a new stake in shares of Snap during the 4th quarter worth about $33,000. AdvisorNet Financial Inc boosted its holdings in shares of Snap by 198.7% during the 1st quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock worth $25,000 after buying an additional 471 shares during the period. UMB Bank N A MO acquired a new position in Snap in the 4th quarter valued at about $35,000. Finally, FNY Investment Advisers LLC bought a new position in Snap in the 1st quarter valued at about $27,000. Institutional investors own 53.88% of the company’s stock.

Snap Company Profile

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Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.