Snap Inc (NYSE:SNAP) Short Interest Down 3.5% in August
Snap Inc (NYSE:SNAP) was the target of a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 112,427,195 shares, a drop of 3.5% from the July 31st total of 116,472,126 shares. Approximately 22.9% of the shares of the company are short sold. Based on an average trading volume of 22,375,324 shares, the short-interest ratio is currently 5.0 days.
In other news, CFO Timothy R. Stone sold 8,919 shares of the business’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $13.18, for a total value of $117,552.42. Following the sale, the chief financial officer now owns 1,250,417 shares in the company, valued at approximately $16,480,496.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Evan Spiegel sold 1,520,640 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total transaction of $16,073,164.80. Following the completion of the sale, the chief executive officer now owns 81,400,642 shares in the company, valued at approximately $860,404,785.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,375,218 shares of company stock worth $38,429,235.
A number of hedge funds have recently bought and sold shares of SNAP. OppenheimerFunds Inc. grew its holdings in shares of Snap by 171.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock worth $486,385,000 after purchasing an additional 23,468,531 shares in the last quarter. FMR LLC grew its holdings in shares of Snap by 18.4% during the 2nd quarter. FMR LLC now owns 24,968,882 shares of the company’s stock worth $326,842,000 after purchasing an additional 3,886,373 shares in the last quarter. Morgan Stanley grew its holdings in shares of Snap by 15.3% during the 2nd quarter. Morgan Stanley now owns 16,014,841 shares of the company’s stock worth $209,635,000 after purchasing an additional 2,123,727 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Snap by 22.1% during the 2nd quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock worth $201,159,000 after purchasing an additional 2,779,756 shares in the last quarter. Finally, Hillhouse Capital Management Ltd. grew its holdings in shares of Snap by 81.1% during the 2nd quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock worth $143,853,000 after purchasing an additional 4,921,688 shares in the last quarter. Hedge funds and other institutional investors own 22.29% of the company’s stock.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.18. The firm had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $247.24 million. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. equities research analysts expect that Snap will post -1.07 earnings per share for the current fiscal year.
Several analysts have weighed in on the company. Aegis cut Snap from a “buy” rating to a “hold” rating in a report on Tuesday, May 22nd. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating and set a $14.00 price target for the company in a research note on Friday, August 10th. Credit Suisse Group lowered their price target on Snap from $16.00 to $15.00 and set an “outperform” rating for the company in a research note on Wednesday, August 8th. BTIG Research reaffirmed a “neutral” rating on shares of Snap in a research note on Tuesday, August 7th. Finally, Nomura started coverage on Snap in a research note on Wednesday, July 11th. They issued a “neutral” rating and a $13.00 price target for the company. Eleven analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $14.52.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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