Short Interest in Snap Inc. (SNAP) Grows By 6.8%

Snap Inc. (NYSE:SNAP) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 122,673,184 shares, a growth of 6.8% from the October 31st total of 114,874,543 shares. Based on an average daily trading volume, of 36,178,156 shares, the days-to-cover ratio is currently 3.4 days. Approximately 31.3% of the company’s stock are short sold.

Several brokerages have commented on SNAP. J P Morgan Chase & Co reissued a “neutral” rating and set a $14.00 price target (down from $16.00) on shares of Snap in a research report on Monday, September 25th. Wedbush began coverage on shares of Snap in a research report on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price target on the stock. Monness Crespi & Hardt cut shares of Snap from a “buy” rating to a “neutral” rating in a research report on Friday, August 11th. Bank of America cut their price target on shares of Snap from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 8th. Finally, Vetr cut shares of Snap from a “buy” rating to a “hold” rating and set a $13.95 price target on the stock. in a research report on Monday, August 7th. Fifteen research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.98.

In other Snap news, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $12.38, for a total transaction of $309,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 37,874 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the sale, the chief financial officer now directly owns 1,797,644 shares in the company, valued at $26,317,508.16. The disclosure for this sale can be found here. Insiders have sold a total of 4,151,851 shares of company stock worth $55,221,124 over the last three months.

A number of institutional investors have recently added to or reduced their stakes in SNAP. Coatue Management LLC grew its position in shares of Snap by 4.5% during the 2nd quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock worth $389,139,000 after purchasing an additional 940,900 shares in the last quarter. BlackRock Inc. grew its position in shares of Snap by 10.0% during the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after purchasing an additional 936,791 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Snap by 23.7% during the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Snap by 11.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock worth $110,556,000 after purchasing an additional 797,290 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Snap by 873.8% during the 3rd quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after purchasing an additional 5,279,883 shares in the last quarter. 18.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap (NYSE SNAP) opened at $13.87 on Friday. Snap has a fifty-two week low of $11.28 and a fifty-two week high of $29.44.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. Snap’s quarterly revenue was up 62.2% on a year-over-year basis. analysts forecast that Snap will post -3.04 earnings per share for the current fiscal year.

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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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