Snap Inc (NYSE:SNAP)’s share price was down 7.3% on Tuesday following insider selling activity. The company traded as low as $18.57 and last traded at $18.93. Approximately 42,673,778 shares traded hands during mid-day trading, an increase of 36% from the average daily volume of 31,441,697 shares. The stock had previously closed at $20.42.
Specifically, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $19.27, for a total value of $481,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 22,881 shares of Snap stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $13.52, for a total value of $309,351.12. The disclosure for this sale can be found here. Insiders sold 4,459,734 shares of company stock valued at $77,408,610 in the last 90 days.
SNAP has been the subject of several research analyst reports. BidaskClub lowered Snap from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Vetr lowered Snap from a “strong-buy” rating to a “buy” rating and set a $16.95 price objective for the company. in a report on Monday, October 30th. Wedbush reaffirmed a “hold” rating and issued a $12.00 price objective on shares of Snap in a report on Friday, November 3rd. Royal Bank of Canada lowered Snap from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $20.00 to $15.00 in a report on Wednesday, November 8th. Finally, Barclays cut their price objective on Snap from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, November 8th. Fifteen analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $18.15.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Treasurer State of Michigan purchased a new stake in shares of Snap in the third quarter worth about $15,714,000. Hodges Capital Management Inc. purchased a new stake in shares of Snap in the third quarter worth about $7,997,000. Lehman Financial Resources Inc. purchased a new stake in shares of Snap in the third quarter worth about $3,275,000. TB Alternative Assets Ltd. lifted its position in shares of Snap by 117.1% in the fourth quarter. TB Alternative Assets Ltd. now owns 546,600 shares of the company’s stock worth $7,986,000 after buying an additional 294,800 shares in the last quarter. Finally, California Public Employees Retirement System purchased a new stake in shares of Snap in the third quarter worth about $1,576,000. 18.24% of the stock is owned by hedge funds and other institutional investors.
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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