Snap Inc. (NYSE:SNAP - Get Free Report)'s stock price dropped 5% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $11.09 and last traded at $11.02. Approximately 11,020,009 shares were traded during trading, a decline of 64% from the average daily volume of 30,392,756 shares. The stock had previously closed at $11.60.
The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%.
Analyst Upgrades and Downgrades
SNAP has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price target on shares of Snap from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Bank of America increased their price target on Snap from $14.00 to $14.50 and gave the stock a "neutral" rating in a research note on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $640.00 price objective on shares of Snap in a research report on Thursday, December 5th. Canaccord Genuity Group increased their target price on Snap from $12.00 to $13.00 and gave the stock a "hold" rating in a research report on Wednesday, October 30th. Finally, Benchmark restated a "hold" rating on shares of Snap in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $36.87.
Check Out Our Latest Report on Snap
Insider Buying and Selling
In related news, CAO Rebecca Morrow sold 11,154 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.55, for a total value of $117,674.70. Following the completion of the sale, the chief accounting officer now owns 465,064 shares of the company's stock, valued at $4,906,425.20. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O'sullivan sold 18,000 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $11.49, for a total transaction of $206,820.00. Following the transaction, the general counsel now directly owns 480,498 shares in the company, valued at approximately $5,520,922.02. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 445,184 shares of company stock valued at $4,968,189 in the last three months. 22.68% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Snap
Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in shares of Snap by 62.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company's stock valued at $66,462,000 after purchasing an additional 2,386,519 shares during the period. TB Alternative Assets Ltd. grew its holdings in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company's stock worth $85,406,000 after acquiring an additional 4,098,847 shares during the period. Aigen Investment Management LP bought a new stake in Snap in the third quarter worth about $1,345,000. Invenomic Capital Management LP acquired a new stake in Snap in the 3rd quarter valued at about $2,349,000. Finally, Dynamic Advisor Solutions LLC bought a new position in shares of Snap during the 3rd quarter valued at about $832,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Snap Stock Performance
The company has a quick ratio of 4.04, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The company's 50 day moving average price is $11.47 and its 200-day moving average price is $10.86.
About Snap
(
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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.
Further Reading
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