Snap (NYSE:SNAP) Hits New 52-Week Low on Insider Selling

Snap Inc. (NYSE:SNAP)’s share price reached a new 52-week low during trading on Thursday after an insider sold shares in the company. The company traded as low as $8.00 and last traded at $8.16, with a volume of 19807265 shares trading hands. The stock had previously closed at $8.88.

Specifically, General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $8.60, for a total value of $206,400.00. Following the completion of the sale, the general counsel now owns 507,660 shares of the company’s stock, valued at $4,365,876. This represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Susquehanna upped their price target on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Citigroup upped their target price on Snap from $13.00 to $13.50 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Barclays reiterated an “overweight” rating on shares of Snap in a report on Wednesday, February 5th. Wells Fargo & Company decreased their price target on Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, March 31st. Finally, Bank of America lifted their price objective on shares of Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.80.

Snap Trading Up 0.4 %

The firm has a 50-day moving average of $9.95 and a 200 day moving average of $10.77. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $13.66 billion, a price-to-earnings ratio of -19.18 and a beta of 0.92.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. As a group, equities analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Snap

Hedge funds have recently modified their holdings of the company. Mountain Hill Investment Partners Corp. acquired a new position in Snap during the fourth quarter worth about $27,000. Raiffeisen Bank International AG acquired a new position in shares of Snap in the 4th quarter worth approximately $30,000. Comprehensive Financial Planning Inc. PA acquired a new stake in Snap during the fourth quarter valued at approximately $32,000. Osterweis Capital Management Inc. acquired a new stake in Snap during the fourth quarter valued at approximately $43,000. Finally, Blue Trust Inc. boosted its holdings in Snap by 128.0% during the fourth quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after buying an additional 2,453 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Company Profile

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.