Snap Inc. (NYSE:SNAP) Short Interest Down 17.0% in November

Snap Inc. (NYSE:SNAP) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 66,370,000 shares, a decrease of 17.0% from the October 31st total of 80,000,000 shares. Based on an average daily trading volume, of 27,700,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 6.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

SNAP has been the topic of several research analyst reports. Truist Financial upped their price objective on shares of Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Argus raised shares of Snap to a “hold” rating in a research note on Thursday, August 8th. UBS Group upped their price objective on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. Finally, Barclays decreased their price target on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.39.

Snap Price Performance

Shares of NYSE:SNAP opened at $11.81 on Friday. The business has a fifty day simple moving average of $11.04 and a 200-day simple moving average of $12.34. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. 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 company has a market cap of $19.81 billion, a P/E ratio of -20.35 and a beta of 0.99.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. Snap’s revenue for the quarter was up 15.4% compared to the same quarter last year. Equities research analysts forecast that Snap will post -0.4 EPS for the current year.

Insider Activity at Snap

In other news, CAO Rebecca Morrow sold 11,154 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $117,674.70. Following the transaction, the chief accounting officer now directly owns 465,064 shares in the company, valued at $4,906,425.20. The trade was a 2.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Eric Young sold 50,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $10.54, for a total transaction of $527,000.00. Following the completion of the sale, the senior vice president now owns 752,110 shares of the company’s stock, valued at $7,927,239.40. This represents a 6.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,388,709 shares of company stock valued at $16,448,087. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

Several hedge funds and other institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in Snap during the third quarter valued at approximately $29,000. Paladin Wealth LLC acquired a new position in shares of Snap during the 3rd quarter worth about $30,000. Advisors Asset Management Inc. raised its holdings in shares of Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after purchasing an additional 1,632 shares during the period. Hollencrest Capital Management bought a new position in shares of Snap during the second quarter worth approximately $33,000. Finally, Blue Trust Inc. increased its holdings in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.