Snap (NYSE:SNAP) Shares Gap Up to $10.34

Shares of Snap Inc. (NYSE:SNAP – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $10.34, but opened at $10.75. Snap shares last traded at $11.10, with a volume of 13,391,782 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Truist Financial dropped their target price on Snap from $10.00 to $8.00 and set a “hold” rating for the company in a report on Wednesday, February 1st. Jefferies Financial Group cut Snap from a “buy” rating to a “hold” rating and dropped their target price for the company from $12.00 to $10.00 in a report on Thursday, December 15th. New Street Research assumed coverage on Snap in a report on Wednesday, January 4th. They set a “buy” rating and a $12.00 target price for the company. Susquehanna increased their target price on Snap from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Wednesday, February 1st. Finally, Canaccord Genuity Group lowered their price target on Snap from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, February 1st. Three research analysts have rated the stock with a sell rating, twenty-nine have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Snap currently has an average rating of “Hold” and a consensus price target of $13.71.

Snap Trading Down 3.5 %

The company has a debt-to-equity ratio of 1.45, a quick ratio of 4.32 and a current ratio of 4.32. The company has a market cap of $16.92 billion, a P/E ratio of -12.16 and a beta of 1.20. The stock has a 50-day moving average of $10.47 and a two-hundred day moving average of $10.25.

Snap (NYSE:SNAP – Get Rating) last issued its earnings results on Tuesday, January 31st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. Snap had a negative return on equity of 33.20% and a negative net margin of 31.07%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.30 billion. On average, equities research analysts predict that Snap Inc. will post -0.73 earnings per share for the current year.

Insider Buying and Selling at Snap

In other Snap news, CAO Rebecca Morrow sold 6,717 shares of the stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $9.46, for a total transaction of $63,542.82. Following the sale, the chief accounting officer now directly owns 259,245 shares in the company, valued at approximately $2,452,457.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $10.15, for a total value of $131,950.00. Following the transaction, the general counsel now directly owns 491,330 shares in the company, valued at approximately $4,986,999.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Rebecca Morrow sold 6,717 shares of the firm’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $9.46, for a total value of $63,542.82. Following the completion of the transaction, the chief accounting officer now owns 259,245 shares in the company, valued at $2,452,457.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,126,790 shares of company stock worth $12,282,802. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Snap by 21.6% in the 3rd quarter. Vanguard Group Inc. now owns 90,476,082 shares of the company’s stock worth $888,475,000 after buying an additional 16,046,220 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Snap by 55.7% in the 3rd quarter. Two Sigma Advisers LP now owns 21,895,177 shares of the company’s stock worth $215,011,000 after buying an additional 7,831,100 shares during the last quarter. Two Sigma Investments LP lifted its position in Snap by 15.4% during the fourth quarter. Two Sigma Investments LP now owns 18,618,123 shares of the company’s stock valued at $166,632,000 after purchasing an additional 2,478,397 shares in the last quarter. Wellington Management Group LLP lifted its position in Snap by 95.8% during the first quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock valued at $641,028,000 after purchasing an additional 8,712,380 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Snap by 287.0% during the second quarter. Renaissance Technologies LLC now owns 11,275,800 shares of the company’s stock valued at $148,051,000 after purchasing an additional 8,362,000 shares in the last quarter. 43.30% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

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Snap, Inc operates as a camera company. Its flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps. The firm’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C.