Snap (SNAP) Shares Gap Down to $14.11

Shares of Snap Inc (NYSE:SNAP) gapped down before the market opened on Friday . The stock had previously closed at $14.05, but opened at $14.11. Snap shares last traded at $14.11, with a volume of 21006938 shares trading hands.

SNAP has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “buy” rating and set a $17.00 target price (up from $15.00) on shares of Snap in a research note on Friday, September 15th. Drexel Hamilton reiterated a “buy” rating and set a $30.00 target price on shares of Snap in a research note on Thursday, September 14th. Royal Bank of Canada reiterated a “buy” rating and set a $20.00 target price on shares of Snap in a research note on Sunday, October 8th. Vetr downgraded Snap from a “strong-buy” rating to a “buy” rating and set a $16.95 target price on the stock. in a research note on Monday, October 30th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $18.00 target price on shares of Snap in a research note on Tuesday. Eighteen investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company. Snap currently has an average rating of “Hold” and an average target price of $17.23.

The company has a market capitalization of $16,990.00 and a price-to-earnings ratio of -4.44.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.17. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The company had revenue of $207.90 million for the quarter, compared to analysts’ expectations of $236.71 million. Snap’s quarterly revenue was up 62.2% on a year-over-year basis. equities analysts predict that Snap Inc will post -3.04 earnings per share for the current fiscal year.

In other Snap news, CFO Andrew Vollero sold 70,566 shares of the stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.09, for a total value of $1,135,406.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $12.38, for a total value of $309,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,815,711 shares of company stock worth $50,490,018.

A number of hedge funds have recently modified their holdings of SNAP. Rhumbline Advisers purchased a new stake in Snap in the 2nd quarter worth $331,000. Bank of New York Mellon Corp increased its stake in Snap by 57.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 36,643 shares of the company’s stock worth $651,000 after buying an additional 13,336 shares in the last quarter. Prudential Financial Inc. increased its stake in Snap by 41.2% in the 2nd quarter. Prudential Financial Inc. now owns 16,800 shares of the company’s stock worth $299,000 after buying an additional 4,900 shares in the last quarter. Pacer Advisors Inc. increased its stake in Snap by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 9,869 shares of the company’s stock worth $175,000 after buying an additional 757 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Snap by 21.1% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 19,816 shares of the company’s stock worth $352,000 after buying an additional 3,447 shares in the last quarter. Institutional investors and hedge funds own 18.88% of the company’s stock.

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Snap Company Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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