Seven Eight Capital LP Sells 216,460 Shares of Snap Inc. (NYSE:SNAP)

Seven Eight Capital LP trimmed its position in Snap Inc. (NYSE:SNAP - Free Report) by 53.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,326 shares of the company's stock after selling 216,460 shares during the period. Seven Eight Capital LP's holdings in Snap were worth $3,078,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC lifted its stake in shares of Snap by 2.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company's stock valued at $698,000 after buying an additional 891 shares in the last quarter. GraniteShares Advisors LLC boosted its stake in Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company's stock valued at $634,000 after purchasing an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. increased its holdings in Snap by 2.7% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company's stock worth $411,000 after purchasing an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of Snap by 4.0% in the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company's stock worth $448,000 after purchasing an additional 1,048 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of Snap by 6.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 19,640 shares of the company's stock valued at $333,000 after purchasing an additional 1,232 shares in the last quarter. Institutional investors own 47.52% of the company's stock.

Insiders Place Their Bets

In other news, General Counsel Michael J. O'sullivan sold 59,053 shares of the company's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $548,602.37. Following the transaction, the general counsel now owns 1,258,278 shares of the company's stock, valued at $11,689,402.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, General Counsel Michael J. O'sullivan sold 59,053 shares of Snap stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the completion of the sale, the general counsel now owns 1,258,278 shares in the company, valued at approximately $11,689,402.62. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Michael J. O'sullivan sold 18,000 shares of the company's stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $16.56, for a total transaction of $298,080.00. Following the completion of the transaction, the general counsel now owns 481,908 shares in the company, valued at $7,980,396.48. The disclosure for this sale can be found here. Insiders have sold 1,511,540 shares of company stock worth $13,569,906 in the last three months. 22.68% of the stock is currently owned by corporate insiders.

Snap Price Performance

SNAP traded up $0.25 during trading on Wednesday, reaching $9.67. 32,502,632 shares of the company were exchanged, compared to its average volume of 27,445,320. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. The company has a market cap of $15.87 billion, a price-to-earnings ratio of -11.89 and a beta of 1.01. Snap Inc. has a 12-month low of $8.28 and a 12-month high of $17.90. The company's 50-day moving average is $10.97 and its two-hundred day moving average is $12.85.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. Research analysts forecast that Snap Inc. will post -0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Truist Financial lowered their price target on Snap from $16.00 to $13.00 and set a "hold" rating for the company in a research report on Friday, August 2nd. Barclays dropped their price target on shares of Snap from $17.00 to $16.00 and set an "overweight" rating on the stock in a research report on Friday, August 2nd. Hsbc Global Res downgraded shares of Snap from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 2nd. Cantor Fitzgerald began coverage on shares of Snap in a research report on Thursday, September 5th. They set a "neutral" rating and a $8.00 target price on the stock. Finally, Citigroup reduced their target price on Snap from $16.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $13.87.

Snap Company 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.