Snap (NYSE:SNAP) Trading 6.3% Higher Following Analyst Upgrade

Snap Inc. (NYSE:SNAP) was up 6.3% during mid-day trading on Monday after Rothschild & Co Redburn upgraded the stock from a neutral rating to a buy rating. Rothschild & Co Redburn now has a $10.00 price target on the stock. Snap traded as high as $6.00 and last traded at $6.0060. Approximately 6,823,893 shares traded hands during trading, a decline of 87% from the average daily volume of 53,543,313 shares. The stock had previously closed at $5.65.

A number of other research analysts have also recently issued reports on the stock. Susquehanna lowered their price target on shares of Snap from $9.00 to $6.50 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Bank of America raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, February 5th. Cantor Fitzgerald lowered their price target on shares of Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. JPMorgan Chase & Co. lowered their price target on shares of Snap from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 5th. Finally, Evercore reissued a “mixed” rating on shares of Snap in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.08.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 92,956 shares of Snap stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $4.59, for a total value of $426,668.04. Following the completion of the sale, the chief financial officer directly owned 3,799,661 shares in the company, valued at $17,440,443.99. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ajit Mohan sold 28,058 shares of Snap stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $6.02, for a total transaction of $168,909.16. Following the completion of the sale, the insider owned 5,102,676 shares of the company’s stock, valued at $30,718,109.52. This represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 2,565,573 shares of company stock valued at $13,329,781.

Institutional Trading of Snap

A number of large investors have recently made changes to their positions in SNAP. Allworth Financial LP grew its position in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares during the period. Oak Harvest Investment Services bought a new stake in Snap during the fourth quarter valued at approximately $26,000. Arax Advisory Partners grew its position in Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the period. V Square Quantitative Management LLC bought a new stake in Snap during the fourth quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC grew its position in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares during the period. 47.52% of the stock is currently owned by institutional investors.

Snap Price Performance

The firm’s 50-day moving average is $4.98 and its 200-day moving average is $6.67. The company has a debt-to-equity ratio of 1.53, a current ratio of 3.56 and a quick ratio of 3.56. The company has a market capitalization of $10.29 billion, a P/E ratio of -22.51 and a beta of 0.91.

Snap (NYSE:SNAP) last announced its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.01 earnings per share. Analysts predict that Snap Inc. will post -0.12 EPS for the current fiscal year.

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.