B. Riley Begins Coverage on Snap (NYSE:SNAP)

B. Riley began coverage on shares of Snap (NYSE:SNAP) in a report issued on Friday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $11.00 price objective on the stock.

Other equities analysts also recently issued reports about the company. Barclays lowered their target price on Snap from $17.00 to $16.00 and set an overweight rating for the company in a report on Friday, August 2nd. Truist Financial lowered their price objective on Snap from $16.00 to $13.00 and set a hold rating for the company in a research note on Friday, August 2nd. Argus raised shares of Snap to a hold rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. dropped their price target on shares of Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group reduced their price objective on Snap from $16.00 to $12.00 and set a neutral rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Snap has an average rating of Hold and a consensus price target of $13.76.

Snap Stock Performance

Shares of SNAP opened at $10.05 on Friday. The stock has a market capitalization of $16.68 billion, a PE ratio of -12.41 and a beta of 1.00. The business’s fifty day moving average price is $10.58 and its 200 day moving average price is $12.83. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. Snap has a 12-month low of $8.28 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Equities research analysts forecast that Snap will post -0.48 EPS for the current year.

Insider Buying and Selling at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $16.56, for a total transaction of $298,080.00. Following the transaction, the general counsel now directly owns 481,908 shares of the company’s stock, valued at $7,980,396.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Friday, June 28th. The stock was sold at an average price of $16.56, for a total transaction of $298,080.00. Following the completion of the sale, the general counsel now owns 481,908 shares of the company’s stock, valued at $7,980,396.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at $4,298,885.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,511,540 shares of company stock valued at $13,569,906 in the last 90 days. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SNAP. Hollencrest Capital Management acquired a new stake in shares of Snap in the 2nd quarter valued at $33,000. Blue Trust Inc. lifted its position in shares of Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Snap during the 2nd quarter worth about $40,000. J.Safra Asset Management Corp increased its holdings in shares of Snap by 534.4% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after acquiring an additional 2,330 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Snap in the 4th quarter valued at approximately $108,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Company Profile

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.