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

Snap Inc. (NYSE:SNAP)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $9.98, but opened at $10.21. Snap shares last traded at $10.38, with a volume of 5,731,133 shares traded.

Analyst Upgrades and Downgrades

SNAP has been the subject of several research analyst reports. Roth Mkm reaffirmed a “neutral” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Susquehanna decreased their target price on shares of Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Argus raised shares of Snap to a “hold” rating in a report on Thursday, August 8th. JMP Securities raised shares of Snap from a “market perform” rating to an “outperform” rating and set a $17.00 price objective for the company in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Snap has an average rating of “Hold” and a consensus price target of $13.89.

Snap Stock Up 1.2 %

The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. The company’s 50 day moving average price is $9.92 and its 200 day moving average price is $12.68. The firm has a market capitalization of $16.85 billion, a price-to-earnings ratio of -12.68 and a beta of 1.01.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. As a group, research analysts forecast that Snap Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Transactions at Snap

In other news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the sale, the chief accounting officer now directly owns 472,405 shares of the company’s stock, valued at $4,298,885.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $10.81, for a total value of $194,580.00. Following the completion of the sale, the general counsel now owns 489,058 shares of the company’s stock, valued at approximately $5,286,716.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,508,617 shares of company stock valued at $13,422,930 in the last 90 days. 22.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snap

Hedge funds have recently made changes to their positions in the company. Global Assets Advisory LLC purchased a new position in Snap in the 1st quarter worth approximately $129,000. SteelPeak Wealth LLC grew its position in Snap by 50.9% in the first quarter. SteelPeak Wealth LLC now owns 84,513 shares of the company’s stock worth $970,000 after acquiring an additional 28,523 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of Snap by 16.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 21,658 shares of the company’s stock valued at $249,000 after purchasing an additional 3,000 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Snap in the 1st quarter valued at approximately $100,000. Finally, DMC Group LLC acquired a new position in Snap during the first quarter worth $162,000. 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.