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

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SNAP shares. Citigroup raised their price target on Snap from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. B. Riley lifted their price target on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald increased their price objective on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group increased their price target on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Snap has a consensus rating of “Hold” and an average target price of $13.91.

Snap Trading Up 6.1 %

The stock has a market cap of $21.55 billion, a PE ratio of -22.33 and a beta of 0.97. The company has a 50 day moving average of $11.08 and a two-hundred day moving average of $12.26. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04.

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

Insiders Place Their Bets

In other Snap news, CFO Derek Andersen sold 97,608 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at $21,255,241.30. This represents a 4.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 59,053 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were 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 in the company, valued at approximately $11,689,402.62. The trade was a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,388,709 shares of company stock valued at $16,448,087 in the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Marshall Wace LLP grew its position 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 buying an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. grew its holdings in Snap by 105.6% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Snap by 62.4% in 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 last quarter. Discovery Capital Management LLC CT acquired a new stake in shares of Snap in the 2nd quarter valued at $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted 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 last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.