Snap (NYSE:SNAP) Upgraded by B. Riley to “Hold”

Snap (NYSE:SNAP) was upgraded by B. Riley to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

Other research analysts have also issued research reports about the stock. Hsbc Global Res lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Susquehanna decreased their target price on Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Wolfe Research initiated coverage on Snap in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Piper Sandler reissued a “neutral” rating and issued a $12.00 price target (down previously from $15.00) on shares of Snap in a research note on Friday, August 2nd. Finally, Benchmark restated a “hold” rating on shares of Snap in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.76.

Snap Trading Down 0.1 %

Shares of SNAP stock opened at $10.06 on Thursday. The stock has a 50-day simple moving average of $10.58 and a 200 day simple moving average of $12.81. The stock has a market capitalization of $16.69 billion, a P/E ratio of -12.42 and a beta of 1.00. Snap has a fifty-two week low of $8.28 and a fifty-two week high of $17.90. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. On average, sell-side analysts expect that Snap will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 59,053 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $548,602.37. Following the completion of the sale, the general counsel now directly owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, General Counsel Michael J. O’sullivan sold 59,053 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the completion of the transaction, the general counsel now owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares of the company’s stock, valued at $4,298,885.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,511,540 shares of company stock worth $13,569,906. 22.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snap

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carmignac Gestion bought a new stake in Snap in the 4th quarter valued at $110,103,000. TCW Group Inc. bought a new stake in shares of Snap in the 4th quarter valued at approximately $275,000. V Square Quantitative Management LLC raised its holdings in shares of Snap by 72.7% in the 4th quarter. V Square Quantitative Management LLC now owns 11,119 shares of the company’s stock worth $188,000 after buying an additional 4,679 shares in the last quarter. Alta Park Capital LP acquired a new stake in Snap in the 4th quarter valued at $13,845,000. Finally, Contrarius Investment Management Ltd bought a new stake in Snap in the fourth quarter valued at $80,644,000. 47.52% of the stock is currently owned by institutional investors.

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.