Snap (NYSE:SNAP) Shares Up 3.6% - Here's Why

Snap Inc. (NYSE:SNAP - Get Free Report) shares were up 3.6% on Monday . The company traded as high as $8.94 and last traded at $8.85. Approximately 13,952,229 shares were traded during trading, a decline of 55% from the average daily volume of 30,679,498 shares. The stock had previously closed at $8.54.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Citizens Jmp upgraded shares of Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Royal Bank of Canada restated a "sector perform" rating and set a $12.00 price target on shares of Snap in a research note on Wednesday. Wells Fargo & Company dropped their price objective on Snap from $9.00 to $8.00 and set an "equal weight" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on Snap from $10.00 to $8.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays reaffirmed an "overweight" rating on shares of Snap in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $35.58.

Snap Stock Up 7.8 %

The firm has a 50-day moving average price of $8.69 and a two-hundred day moving average price of $10.39. The firm has a market cap of $14.32 billion, a price-to-earnings ratio of -20.09 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $0.03 EPS. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, sell-side analysts forecast that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Activity at Snap

In related news, SVP Eric Young sold 102,152 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the transaction, the senior vice president now owns 3,443,419 shares in the company, valued at $37,326,661.96. This trade represents a 2.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Derek Andersen sold 61,334 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $664,860.56. Following the completion of the sale, the chief financial officer now owns 3,564,235 shares of the company's stock, valued at approximately $38,636,307.40. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,362,523 shares of company stock valued at $12,689,017 over the last ninety days. Insiders own 22.68% of the company's stock.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently modified their holdings of the business. NBC Securities Inc. grew its position in Snap by 154,650.0% during the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after purchasing an additional 3,093 shares during the last quarter. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Snap in the fourth quarter valued at about $27,000. Raiffeisen Bank International AG acquired a new stake in shares of Snap during the fourth quarter worth about $30,000. Rakuten Securities Inc. grew its holdings in shares of Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after buying an additional 2,123 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Snap in the 4th quarter valued at about $32,000. 47.52% of the stock is owned by institutional investors and hedge funds.

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.