Snap Inc. (SNAP) Lowered to Sell at BidaskClub
BidaskClub cut shares of Snap Inc. (NYSE:SNAP) from a hold rating to a sell rating in a research report released on Thursday.
A number of other brokerages also recently commented on SNAP. Vetr downgraded Snap from a strong-buy rating to a buy rating and set a $24.14 price objective for the company. in a research note on Thursday, May 25th. Instinet restated a sell rating on shares of Snap in a research note on Friday, June 2nd. Royal Bank Of Canada restated an outperform rating on shares of Snap in a research note on Saturday, June 3rd. Aegis restated a hold rating on shares of Snap in a research note on Wednesday, May 31st. Finally, Drexel Hamilton restated a buy rating and set a $30.00 price objective on shares of Snap in a research note on Wednesday, May 24th. Eleven investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $18.31.
Snap (NYSE SNAP) opened at 13.70 on Thursday. The stock’s market capitalization is $16.40 billion. The company has a 50-day moving average of $15.03 and a 200-day moving average of $15.03. Snap has a 52-week low of $13.62 and a 52-week high of $29.44.
Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The firm’s quarterly revenue was up 153.1% compared to the same quarter last year. Equities research analysts expect that Snap will post ($0.64) EPS for the current year.
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In other news, CFO Andrew Vollero sold 195,100 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,882,280 shares of the company’s stock, valued at $23,528,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $5,000,000.00. Following the sale, the vice president now directly owns 2,204,168 shares of the company’s stock, valued at $27,552,100. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,733,598 shares of company stock valued at $23,764,362.
Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE purchased a new stake in shares of Snap during the first quarter valued at $101,000. Seven Bridges Advisors LLC purchased a new stake in shares of Snap during the second quarter valued at $101,000. WFG Advisors LP purchased a new stake in shares of Snap during the first quarter valued at $109,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Snap by 654.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after purchasing an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in shares of Snap during the second quarter valued at $137,000. 16.40% of the stock is owned by institutional investors and hedge funds.
Snap Company Profile
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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