Snap Inc. (NYSE:SNAP) Receives Sell Rating from Summit Redstone
Snap Inc. (NYSE:SNAP)‘s stock had its “sell” rating reaffirmed by analysts at Summit Redstone in a report issued on Friday. They presently have a $8.00 price objective on the stock, down from their prior price objective of $10.00. Summit Redstone’s price objective suggests a potential downside of 41.90% from the company’s current price.
A number of other equities analysts have also recently issued reports on SNAP. UBS AG raised shares of Snap from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $24.00 to $19.00 in a research note on Thursday, May 11th. Monness Crespi & Hardt cut shares of Snap from a “buy” rating to a “neutral” rating in a research note on Friday. Wells Fargo & Company reaffirmed a “hold” rating on shares of Snap in a research note on Friday. Oppenheimer Holdings, Inc. reduced their price objective on shares of Snap to $16.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Stifel Nicolaus reduced their price objective on shares of Snap from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday. Nine equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have given a buy rating to the stock. Snap presently has an average rating of “Hold” and a consensus price target of $19.83.
Snap (NYSE:SNAP) traded down 12.8119% during midday trading on Friday, reaching $12.0058. The company’s stock had a trading volume of 68,689,839 shares. The firm has a 50-day moving average price of $15.27 and a 200 day moving average price of $19.19. The stock’s market capitalization is $14.15 billion. Snap has a 52-week low of $11.81 and a 52-week high of $29.44. Snap also was the recipient of some unusual options trading activity on Thursday. Investors purchased 65,962 put options on the company. This is an increase of 173% compared to the average volume of 24,199 put options.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by $0.07. The business had revenue of $181.70 million for the quarter, compared to analysts’ expectations of $186.49 million. The company’s revenue was up 153.1% compared to the same quarter last year. Equities research analysts predict that Snap will post ($0.56) EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC purchased a new position in Snap during the first quarter valued at $737,133,000. JPMorgan Chase & Co. purchased a new position in Snap during the first quarter valued at $252,388,000. BlackRock Inc. purchased a new position in Snap during the first quarter valued at $211,934,000. Vanguard Group Inc. purchased a new position in Snap during the first quarter valued at $152,135,000. Finally, Jennison Associates LLC purchased a new position in Snap during the first quarter valued at $119,178,000. Institutional investors own 30.16% of the company’s stock.
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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