Snap (NYSE:SNAP) Shares Up 4.8% – What’s Next?

Snap Inc. (NYSE:SNAP)’s share price rose 4.8% during trading on Wednesday . The company traded as high as $12.16 and last traded at $11.72. Approximately 25,116,490 shares were traded during trading, a decline of 9% from the average daily volume of 27,733,621 shares. The stock had previously closed at $11.18.

Wall Street Analysts Forecast Growth

SNAP has been the subject of a number of research analyst reports. Canaccord Genuity Group raised their price target on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. UBS Group lifted their price objective on Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. JMP Securities dropped their price target on Snap from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 30th. Guggenheim reaffirmed a “buy” rating and issued a $12.11 price target on shares of Snap in a research note on Tuesday, December 3rd. Finally, Bank of America raised their price objective on Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Snap has an average rating of “Hold” and an average price target of $37.10.

Snap Stock Performance

The company has a market cap of $18.82 billion, a P/E ratio of -19.34 and a beta of 0.97. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The business has a fifty day simple moving average of $11.38 and a two-hundred day simple moving average of $11.99.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. Snap’s revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. On average, sell-side analysts anticipate that Snap Inc. will post -0.4 EPS for the current year.

Insider Transactions at Snap

In related news, Director Joanna Coles sold 6,434 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares of the company’s stock, valued at approximately $657,132. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the transaction, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This trade represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,279,892 shares of company stock valued at $15,585,110 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after buying an additional 2,386,519 shares during the last quarter. TB Alternative Assets Ltd. raised its stake in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the period. Aigen Investment Management LP bought a new stake in shares of Snap in the 3rd quarter worth about $1,345,000. Invenomic Capital Management LP purchased a new position in shares of Snap during the 3rd quarter worth about $2,349,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of Snap during the 3rd quarter worth about $832,000. Institutional investors own 47.52% of the company’s stock.

About Snap

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.