Snap Inc. (SNAP) Sees Large Increase in Short Interest

Snap Inc. (NYSE:SNAP) saw a significant growth in short interest in October. As of October 13th, there was short interest totalling 121,134,857 shares, a growth of 11.8% from the September 29th total of 108,331,767 shares. Currently, 24.9% of the company’s stock are sold short. Based on an average trading volume of 21,655,528 shares, the short-interest ratio is presently 5.6 days.

Several equities research analysts have recently issued reports on SNAP shares. Needham & Company LLC reissued an “underperform” rating on shares of Snap in a research report on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating and set a $20.00 price objective on shares of Snap in a research report on Sunday, October 8th. BidaskClub downgraded shares of Snap from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Vetr downgraded shares of Snap from a “buy” rating to a “hold” rating and set a $13.95 price objective for the company. in a research report on Monday, July 31st. Finally, Morgan Stanley lowered their price objective on shares of Snap from $16.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 23rd. Eleven research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $18.14.

Shares of Snap (NYSE SNAP) opened at 15.34 on Wednesday. Snap has a 1-year low of $11.28 and a 1-year high of $29.44. The stock’s 50 day moving average is $14.90 and its 200-day moving average is $16.75. The firm’s market cap is $18.36 billion.

Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The company’s quarterly revenue was up 153.1% compared to the same quarter last year. Analysts expect that Snap will post ($0.65) earnings per share for the current year.

In other news, CFO Andrew Vollero sold 37,874 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the sale, the chief financial officer now owns 1,797,644 shares of the company’s stock, valued at $26,317,508.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Imran Khan sold 150,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $1,875,000.00. Following the sale, the insider now directly owns 9,596,464 shares of the company’s stock, valued at approximately $119,955,800. The disclosure for this sale can be found here. Insiders have sold 2,133,598 shares of company stock valued at $29,704,362 in the last three months.

Institutional investors have recently made changes to their positions in the company. Seven Bridges Advisors LLC bought a new position in shares of Snap in the second quarter worth approximately $101,000. First Manhattan Co. grew its position in Snap by 384.5% during the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after acquiring an additional 6,056 shares during the last quarter. WFG Advisors LP grew its position in Snap by 52.4% during the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after acquiring an additional 2,537 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Snap by 654.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. bought a new position in Snap during the second quarter valued at approximately $137,000. 17.20% of the stock is currently owned by hedge funds and other institutional investors.

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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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