Readystate Asset Management LP Sells 14,954,736 Shares of Snap Inc. (NYSE:SNAP)

Readystate Asset Management LP decreased its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 99.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,264 shares of the company's stock after selling 14,954,736 shares during the quarter. Readystate Asset Management LP's holdings in Snap were worth $394,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in shares of Snap in the 4th quarter worth approximately $30,000. NBC Securities Inc. raised its holdings in shares of Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after purchasing an additional 3,093 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of Snap by 155.4% during the 1st quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after acquiring an additional 2,123 shares in the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Snap during the 4th quarter worth approximately $43,000. Finally, State of Wyoming bought a new position in shares of Snap during the 4th quarter worth approximately $61,000. Hedge funds and other institutional investors own 47.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Piper Sandler cut their price target on shares of Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Citizens Jmp raised shares of Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Loop Capital decreased their price objective on shares of Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Citigroup downgraded shares of Snap from an "outperform" rating to a "negative" rating in a research note on Tuesday, July 15th. Finally, Rosenblatt Securities cut their price objective on shares of Snap from $12.00 to $9.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $33.95.

Snap Price Performance

NYSE SNAP traded down $0.34 during midday trading on Thursday, hitting $9.73. The company had a trading volume of 38,094,852 shares, compared to its average volume of 36,320,144. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap Inc. has a twelve month low of $7.08 and a twelve month high of $13.95. The company has a market capitalization of $16.27 billion, a PE ratio of -31.40 and a beta of 0.59. The firm has a 50-day moving average price of $8.75 and a 200-day moving average price of $9.34.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm posted $0.03 EPS. The company's quarterly revenue was up 14.1% on a year-over-year basis. As a group, analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In related news, SVP Eric Young sold 117,592 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $1,010,115.28. Following the sale, the senior vice president owned 3,348,290 shares in the company, valued at approximately $28,761,811.10. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Michael J. O'sullivan sold 24,000 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $8.71, for a total value of $209,040.00. Following the sale, the general counsel owned 510,984 shares in the company, valued at $4,450,670.64. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,667,802 shares of company stock valued at $13,799,881 in the last ninety days. Insiders own 22.68% 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.