Y Intercept Hong Kong Ltd Sells 203,046 Shares of Snap Inc. $SNAP

Key Points

• Y Intercept Hong Kong Ltd cut its Snap stake by 64.8%, selling 203,046 shares during the quarter and leaving the fund with 110,347 shares valued at about $851,000.
• Company insiders also sold heavily: CFO Derek Andersen offloaded 62,868 shares and General Counsel Michael O'Sullivan sold 70,882 shares, with insiders selling 1,393,341 shares worth roughly $11.17 million over the past 90 days.
• Snap missed EPS expectations (‑$0.06 vs. $0.06 expected) despite revenue rising 9.8% to $1.51 billion; the stock is near its 12‑month low and carries a MarketBeat consensus rating of "Reduce" with an average target of $9.83.

Y Intercept Hong Kong Ltd lowered its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 64.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 110,347 shares of the company's stock after selling 203,046 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Snap were worth $851,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Signaturefd LLC grew its position in Snap by 169.9% in the second quarter. Signaturefd LLC now owns 2,942 shares of the company's stock valued at $26,000 after purchasing an additional 1,852 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Snap in the third quarter valued at about $53,000. Blue Trust Inc. boosted its position in Snap by 61.5% during the second quarter. Blue Trust Inc. now owns 6,633 shares of the company's stock valued at $58,000 after purchasing an additional 2,525 shares during the last quarter. CoreCap Advisors LLC grew its stake in Snap by 826.1% in the third quarter. CoreCap Advisors LLC now owns 9,363 shares of the company's stock valued at $72,000 after purchasing an additional 8,352 shares in the last quarter. Finally, West Tower Group LLC bought a new position in Snap in the third quarter valued at approximately $77,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Trading Down 4.4%

NYSE SNAP opened at $6.92 on Monday. The business's fifty day moving average is $7.77 and its 200 day moving average is $7.95. The company has a quick ratio of 3.67, a current ratio of 3.67 and a debt-to-equity ratio of 1.57. Snap Inc. has a twelve month low of $6.90 and a twelve month high of $11.73. The company has a market cap of $11.90 billion, a price-to-earnings ratio of -23.86 and a beta of 0.83.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.12). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.49 billion. Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. As a group, sell-side analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CFO Derek Andersen sold 62,868 shares of the business's stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total value of $524,319.12. Following the transaction, the chief financial officer directly owned 3,030,301 shares in the company, valued at $25,272,710.34. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. O'sullivan sold 70,882 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total transaction of $591,155.88. Following the transaction, the general counsel owned 1,854,982 shares of the company's stock, valued at $15,470,549.88. This represents a 3.68% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,393,341 shares of company stock valued at $11,169,210.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNAP. Stifel Nicolaus set a $7.00 price target on Snap in a research note on Thursday, November 6th. New Street Research cut shares of Snap from a "buy" rating to a "neutral" rating in a research note on Tuesday, October 28th. Morgan Stanley upped their price target on shares of Snap from $8.50 to $9.50 and gave the company an "equal weight" rating in a research note on Tuesday, January 13th. Guggenheim cut their price objective on shares of Snap from $9.00 to $8.50 and set a "neutral" rating for the company in a research report on Friday, December 19th. Finally, UBS Group lowered their target price on Snap from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 20th. Three research analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, Snap has a consensus rating of "Reduce" and an average target price of $9.83.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.

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