Snap Inc (NYSE:SNAP) Sees Significant Growth in Short Interest
Snap Inc (NYSE:SNAP) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 92,330,000 shares, a growth of 11.0% from the June 15th total of 83,210,000 shares. Based on an average daily volume of 30,820,000 shares, the short-interest ratio is currently 3.0 days. Currently, 10.7% of the company’s shares are sold short.
In other news, CFO Derek Andersen sold 8,542 shares of the business’s stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $13.58, for a total value of $116,000.36. Following the completion of the transaction, the chief financial officer now owns 1,584,599 shares of the company’s stock, valued at approximately $21,518,854.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 28,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $23.63, for a total value of $661,640.00. Following the sale, the general counsel now directly owns 1,616,949 shares in the company, valued at approximately $38,208,504.87. The disclosure for this sale can be found here. Insiders sold a total of 8,315,609 shares of company stock worth $154,856,791 over the last 90 days.
A number of hedge funds have recently bought and sold shares of SNAP. Edgewood Management LLC bought a new position in Snap during the first quarter worth about $734,687,000. Capital World Investors increased its holdings in shares of Snap by 56.2% during the first quarter. Capital World Investors now owns 26,552,185 shares of the company’s stock worth $315,705,000 after purchasing an additional 9,548,098 shares during the period. Samlyn Capital LLC acquired a new stake in shares of Snap in the first quarter valued at approximately $105,871,000. Renaissance Technologies LLC boosted its stake in shares of Snap by 408.3% in the fourth quarter. Renaissance Technologies LLC now owns 9,951,900 shares of the company’s stock valued at $162,515,000 after buying an additional 7,994,000 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Snap by 61,035.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,567,850 shares of the company’s stock worth $42,422,000 after buying an additional 3,562,014 shares in the last quarter. Hedge funds and other institutional investors own 39.48% of the company’s stock.
Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 21st. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.12. The company had revenue of $462.50 million for the quarter, compared to the consensus estimate of $420.01 million. Snap had a negative return on equity of 46.64% and a negative net margin of 55.40%. The firm’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. As a group, equities research analysts expect that Snap will post -0.73 EPS for the current year.
A number of research analysts have weighed in on the stock. Canaccord Genuity lifted their price target on shares of Snap from $15.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, July 1st. Bank of America lifted their price target on Snap from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Oppenheimer raised Snap from a “market perform” rating to an “outperform” rating and set a $18.00 price objective for the company in a research report on Wednesday, April 22nd. Deutsche Bank increased their price objective on Snap from $18.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, ValuEngine cut Snap from a “buy” rating to a “hold” rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. Snap presently has an average rating of “Buy” and an average target price of $20.08.
Snap Company Profile
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 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 surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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