Snap (NYSE:SNAP) Hits New 12-Month Low Following Insider Selling

Snap Inc. (NYSE:SNAP - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday following insider selling activity. The company traded as low as $8.00 and last traded at $8.16, with a volume of 19807265 shares trading hands. The stock had previously closed at $8.88.

Specifically, General Counsel Michael J. O'sullivan sold 24,000 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the transaction, the general counsel now directly owns 507,660 shares of the company's stock, valued at approximately $4,365,876. This represents a 4.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Guggenheim restated a "neutral" rating on shares of Snap in a research note on Wednesday. Susquehanna boosted their price target on Snap from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Bank of America upped their price objective on shares of Snap from $14.00 to $14.50 and gave the company a "neutral" rating in a report on Wednesday, February 5th. BMO Capital Markets reiterated an "outperform" rating and issued a $16.00 target price (down from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Finally, Barclays restated an "overweight" rating on shares of Snap in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $36.80.

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Snap Stock Up 0.4 %

The company has a market cap of $13.66 billion, a price-to-earnings ratio of -19.18 and a beta of 0.92. The business has a fifty day moving average of $9.95 and a two-hundred day moving average of $10.77. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. As a group, equities analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Snap

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Bank purchased a new position in Snap in the 3rd quarter valued at about $177,000. Captrust Financial Advisors acquired a new position in shares of Snap during the third quarter valued at approximately $138,000. Holocene Advisors LP purchased a new position in shares of Snap in the third quarter valued at approximately $3,436,000. Investment Management Corp of Ontario boosted its stake in shares of Snap by 48.0% in the third quarter. Investment Management Corp of Ontario now owns 34,556 shares of the company's stock worth $370,000 after acquiring an additional 11,200 shares during the last quarter. Finally, IHT Wealth Management LLC acquired a new stake in shares of Snap in the third quarter worth approximately $607,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.