Invenomic Capital Management LP Buys Shares of 219,533 Snap Inc. (NYSE:SNAP)

Invenomic Capital Management LP acquired a new stake in shares of Snap Inc. (NYSE:SNAP - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 219,533 shares of the company's stock, valued at approximately $2,349,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Snap during the 3rd quarter worth $29,000. Paladin Wealth LLC bought a new position in shares of Snap during the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. lifted its position in Snap by 141.9% during the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company's stock valued at $30,000 after acquiring an additional 1,632 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Snap in the second quarter valued at approximately $33,000. Finally, Blue Trust Inc. grew its holdings in Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company's stock worth $36,000 after purchasing an additional 1,682 shares during the last quarter. Institutional investors own 47.52% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SNAP shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $16.00 price target on shares of Snap in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $14.00 price target on shares of Snap in a research report on Wednesday, September 18th. Argus upgraded Snap to a "hold" rating in a research note on Thursday, August 8th. Canaccord Genuity Group upped their target price on Snap from $12.00 to $13.00 and gave the company a "hold" rating in a research report on Wednesday, October 30th. Finally, Guggenheim reissued a "buy" rating and set a $12.11 price target on shares of Snap in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $13.91.

Insider Activity at Snap

In related news, Director Joanna Coles sold 6,434 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares in the company, valued at approximately $657,132. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now owns 57,210,989 shares in the company, valued at $715,137,362.50. This represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,406,709 shares of company stock valued at $16,662,107.

Snap Price Performance

Shares of Snap stock traded down $0.24 on Wednesday, hitting $12.62. 10,506,682 shares of the company were exchanged, compared to its average volume of 27,605,887. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.90. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $21.17 billion, a price-to-earnings ratio of -22.19 and a beta of 0.97. The company has a 50-day moving average price of $11.12 and a 200 day moving average price of $12.24.

Snap (NYSE:SNAP - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the prior year, the business earned ($0.21) EPS. The firm's quarterly revenue was up 15.4% on a year-over-year basis. As a group, sell-side analysts predict that Snap Inc. will post -0.4 earnings per share for the current fiscal year.

Snap Profile

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.