Snap (NYSE:SNAP) Shares Up 5.8%

Snap Inc. (NYSE:SNAP) shot up 5.8% on Wednesday . The company traded as high as $11.45 and last traded at $11.01. 37,208,842 shares changed hands during trading, an increase of 28% from the average session volume of 29,138,225 shares. The stock had previously closed at $10.41.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SNAP shares. The Goldman Sachs Group lowered their price objective on Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Truist Financial raised their price objective on Snap from $11.00 to $12.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Morgan Stanley decreased their price target on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 7th. Susquehanna lifted their price target on Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company decreased their price target on Snap from $22.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.65.

Snap Price Performance

The company has a market capitalization of $17.99 billion, a price-to-earnings ratio of -13.35 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The business has a 50 day moving average price of $11.20 and a 200-day moving average price of $12.73.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.39 billion. Research analysts predict that Snap Inc. will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the sale, the chief accounting officer now directly owns 493,084 shares of the company’s stock, valued at approximately $5,423,924. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Rebecca Morrow sold 2,442 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the transaction, the chief accounting officer now owns 493,084 shares in the company, valued at approximately $5,423,924. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,054 shares of company stock valued at $5,279,729.

Hedge Funds Weigh In On Snap

A number of hedge funds and other institutional investors have recently modified their holdings of the business. TB Alternative Assets Ltd. lifted its stake in Snap by 144.5% in the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after purchasing an additional 3,011,400 shares during the last quarter. Arkfeld Wealth Strategies L.L.C. purchased a new position in Snap in the first quarter valued at approximately $113,000. Global Assets Advisory LLC purchased a new position in Snap in the first quarter valued at approximately $129,000. Perpetual Ltd purchased a new position in Snap in the first quarter valued at approximately $273,000. Finally, Campbell Capital Management Inc. purchased a new position in Snap in the first quarter valued at approximately $1,135,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.