Snap (NYSE:SNAP) Trading Up 5.7% – Here’s What Happened

Snap Inc. (NYSE:SNAP) was up 5.7% on Tuesday . The stock traded as high as $12.80 and last traded at $12.80. Approximately 9,965,666 shares were traded during trading, a decline of 64% from the average daily volume of 27,557,885 shares. The stock had previously closed at $12.11.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SNAP shares. Citigroup boosted their target price on Snap from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. Evercore ISI lifted their price target on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Guggenheim reaffirmed a “buy” rating and set a $12.11 price objective on shares of Snap in a report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $14.00 target price on shares of Snap in a research report on Wednesday, September 18th. Finally, Cantor Fitzgerald raised their price target on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.91.

Snap Stock Up 6.1 %

The stock has a fifty day moving average of $11.08 and a two-hundred day moving average of $12.26. 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 cap of $21.55 billion, a price-to-earnings ratio of -22.33 and a beta of 0.97.

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

Insider Activity at Snap

In other news, CFO Derek Andersen sold 97,608 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $906,778.32. Following the completion of the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. This trade represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 59,053 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the transaction, the general counsel now directly owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. This represents a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,388,709 shares of company stock worth $16,448,087.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently added to or reduced their stakes in SNAP. Marshall Wace LLP raised its holdings in shares of Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. lifted its holdings in Snap by 105.6% in 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 last quarter. Charles Schwab Investment Management Inc. boosted its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the period. Discovery Capital Management LLC CT bought a new position in shares of Snap during the second quarter valued at approximately $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Snap by 49.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after purchasing an additional 1,297,348 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.