Snap Inc. (SNAP) Receives Hold Rating from Canaccord Genuity

Canaccord Genuity reiterated their hold rating on shares of Snap Inc. (NYSE:SNAP) in a research report released on Friday, May 12th. They currently have a $22.00 target price on the stock.

Several other analysts have also recently issued reports on SNAP. Atlantic Securities assumed coverage on Snap in a research note on Tuesday, February 21st. They set a neutral rating on the stock. Aegis assumed coverage on Snap in a research note on Tuesday, February 28th. They set a hold rating and a $22.00 price objective on the stock. Pivotal Research initiated coverage on Snap in a research note on Thursday, March 2nd. They set a sell rating and a $10.00 price objective on the stock. Nomura initiated coverage on Snap in a research report on Thursday, March 2nd. They set a reduce rating and a $16.00 price target on the stock. Finally, Instinet assumed coverage on Snap in a research report on Thursday, March 2nd. They set a reduce rating and a $16.00 price target on the stock. Eight investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $21.84.

Snap (NYSE:SNAP) traded up 3.18% during mid-day trading on Friday, hitting $17.54. The company had a trading volume of 18,955,724 shares. The company has a 50-day moving average price of $20.48 and a 200 day moving average price of $21.10. The company’s market capitalization is $20.68 billion. Snap has a 52-week low of $17.00 and a 52-week high of $29.44. Snap also saw unusually large options trading on Friday. Stock investors acquired 37,110 call options on the stock. This is an increase of approximately 133% compared to the average daily volume of 15,938 call options.

Snap (NYSE:SNAP) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The business’s revenue was up 285.6% on a year-over-year basis. On average, analysts forecast that Snap will post ($0.55) EPS for the current fiscal year.

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Several institutional investors have recently made changes to their positions in the stock. US Bancorp DE bought a new stake in Snap during the first quarter valued at approximately $101,000. WFG Advisors LP bought a new stake in Snap during the first quarter valued at approximately $109,000. Benjamin F. Edwards & Company Inc. bought a new stake in Snap during the first quarter valued at approximately $158,000. Pacer Advisors Inc. bought a new stake in Snap during the first quarter valued at approximately $205,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Snap during the first quarter valued at approximately $223,000. 29.57% of the stock is owned by institutional investors.

About Snap

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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