Snap (NYSE:SNAP) was downgraded by analysts at BTIG Research from a “neutral” rating to a “sell” rating in a research report issued on Wednesday, September 12th, MarketBeat.com reports.
A number of other research analysts also recently weighed in on the company. Wedbush raised Snap from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $11.50 to $12.25 in a research note on Tuesday, September 11th. Zacks Investment Research downgraded Snap from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Credit Suisse Group dropped their price target on Snap from $16.00 to $15.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 8th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $12.00 price target on shares of Snap in a research report on Wednesday, August 8th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $15.00 price target (down from $17.00) on shares of Snap in a research report on Wednesday, August 8th. Ten equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $14.40.
Shares of SNAP stock traded down $0.29 during trading on Wednesday, reaching $7.48. The company had a trading volume of 27,722,500 shares, compared to its average volume of 25,838,830. Snap has a one year low of $7.26 and a one year high of $21.22. The company has a market capitalization of $10.83 billion, a price-to-earnings ratio of -3.60 and a beta of -2.59.
Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.18. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. The business had revenue of $262.26 million for the quarter, compared to the consensus estimate of $247.24 million. Sell-side analysts predict that Snap will post -1.07 earnings per share for the current fiscal year.
In other news, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction on Tuesday, July 10th. The stock was sold at an average price of $13.41, for a total transaction of $335,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Lara Sweet sold 10,268 shares of the business’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $13.18, for a total value of $135,332.24. Following the sale, the vice president now owns 620,358 shares of the company’s stock, valued at approximately $8,176,318.44. The disclosure for this sale can be found here. In the last three months, insiders sold 3,621,960 shares of company stock worth $40,169,549.
Hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in Snap by 9.1% in the second quarter. Northern Trust Corp now owns 553,252 shares of the company’s stock valued at $7,242,000 after purchasing an additional 46,207 shares during the last quarter. HRT Financial LLC bought a new stake in Snap in the second quarter valued at about $207,000. Bank of New York Mellon Corp increased its holdings in Snap by 11.7% in the second quarter. Bank of New York Mellon Corp now owns 242,607 shares of the company’s stock valued at $3,177,000 after purchasing an additional 25,333 shares during the last quarter. Nomura Holdings Inc. increased its holdings in Snap by 2.0% in the second quarter. Nomura Holdings Inc. now owns 596,069 shares of the company’s stock valued at $7,803,000 after purchasing an additional 11,548 shares during the last quarter. Finally, GMT Capital Corp bought a new stake in Snap in the second quarter valued at about $1,363,000. Institutional investors own 22.29% of the company’s stock.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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