Snap (NYSE:SNAP) Sees Large Volume Increase

Shares of Snap Inc. (NYSE:SNAP) saw unusually-high trading volume on Wednesday . Approximately 11,785,525 shares changed hands during trading, a decline of 59% from the previous session’s volume of 29,096,475 shares.The stock last traded at $10.00 and had previously closed at $10.46.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Loop Capital reduced their target price on shares of Snap from $16.00 to $14.00 in a report on Wednesday, June 7th. Jefferies Financial Group lifted their target price on Snap from $9.00 to $13.00 and gave the company a “hold” rating in a research report on Thursday, July 13th. Credit Suisse Group increased their price target on Snap from $11.00 to $16.00 and gave the company an “outperform” rating in a research report on Monday, July 17th. UBS Group decreased their price target on Snap from $14.00 to $12.00 in a research note on Wednesday, July 26th. Finally, Wells Fargo & Company began coverage on Snap in a research note on Wednesday, June 7th. They set an “equal weight” rating and a $10.00 price objective on the stock. Three analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and an average price target of $10.41.

Snap Trading Down 6.5 %

The company has a debt-to-equity ratio of 1.50, a current ratio of 5.16 and a quick ratio of 5.16. The business’s 50-day moving average is $11.07 and its 200 day moving average is $10.52. The firm has a market capitalization of $15.87 billion, a P/E ratio of -11.49 and a beta of 1.27.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, July 25th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.01. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Snap had a negative net margin of 30.19% and a negative return on equity of 36.83%. As a group, analysts anticipate that Snap Inc. will post -0.82 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In related news, CAO Rebecca Morrow sold 5,589 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $13.13, for a total transaction of $73,383.57. Following the completion of the sale, the chief accounting officer now owns 295,335 shares of the company’s stock, valued at $3,877,748.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, CFO Derek Andersen sold 52,887 shares of Snap stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $10.52, for a total value of $556,371.24. Following the transaction, the chief financial officer now owns 2,417,345 shares in the company, valued at $25,430,469.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 5,589 shares of the stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $13.13, for a total transaction of $73,383.57. Following the completion of the transaction, the chief accounting officer now directly owns 295,335 shares of the company’s stock, valued at approximately $3,877,748.55. The disclosure for this sale can be found here. Insiders sold 2,463,627 shares of company stock valued at $25,273,101 in the last three months.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC increased its stake in shares of Snap by 72.6% in the first quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock valued at $304,000 after buying an additional 3,556 shares during the period. Raymond James Trust N.A. raised its stake in shares of Snap by 28.6% during the first quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock valued at $313,000 after acquiring an additional 1,936 shares during the last quarter. Cibc World Market Inc. lifted its holdings in shares of Snap by 9.4% during the first quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock worth $863,000 after purchasing an additional 2,061 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Snap by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock worth $28,305,000 after purchasing an additional 5,182 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Snap in the first quarter valued at $3,216,000. Institutional investors and hedge funds own 44.37% of the company’s stock.

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.