Snap Inc. (SNAP) Short Interest Up 9.8% in September
Snap Inc. (NYSE:SNAP) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 103,910,916 shares, an increase of 9.8% from the August 31st total of 94,623,140 shares. Approximately 21.4% of the company’s shares are sold short. Based on an average trading volume of 30,920,040 shares, the days-to-cover ratio is currently 3.4 days.
In related news, VP Timothy Sehn sold 400,000 shares of Snap stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $5,000,000.00. Following the transaction, the vice president now directly owns 2,204,168 shares of the company’s stock, valued at $27,552,100. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 37,874 shares of Snap stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total value of $554,475.36. Following the completion of the transaction, the chief financial officer now directly owns 1,797,644 shares in the company, valued at $26,317,508.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,133,598 shares of company stock worth $29,704,362.
Several institutional investors have recently bought and sold shares of the business. WFG Advisors LP increased its holdings in shares of Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Snap in the 2nd quarter worth $267,000. Westwood Holdings Group Inc. bought a new stake in shares of Snap in the 2nd quarter worth $148,000. Highlander Capital Management LLC increased its holdings in shares of Snap by 5,500.0% in the 2nd quarter. Highlander Capital Management LLC now owns 11,200 shares of the company’s stock worth $197,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Snap by 72.6% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 52,412 shares of the company’s stock worth $931,000 after purchasing an additional 22,052 shares in the last quarter. 16.40% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have weighed in on SNAP. Needham & Company LLC reiterated an “underperform” rating on shares of Snap in a report on Thursday. Drexel Hamilton reiterated a “buy” rating and issued a $30.00 target price on shares of Snap in a report on Wednesday. Canaccord Genuity reiterated a “hold” rating and issued a $15.00 target price on shares of Snap in a report on Sunday, October 1st. BidaskClub upgraded Snap from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $14.00 target price (down from $16.00) on shares of Snap in a report on Monday, September 25th. Ten investment analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Snap has a consensus rating of “Hold” and a consensus target price of $18.21.
Snap (SNAP) opened at 14.48 on Friday. The firm has a 50-day moving average price of $14.54 and a 200 day moving average price of $17.59. Snap has a 52-week low of $11.28 and a 52-week high of $29.44. The stock’s market cap is $17.33 billion.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. Snap’s revenue for the quarter was up 153.1% on a year-over-year basis. On average, analysts forecast that Snap will post ($0.64) earnings per share for the current fiscal year.
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Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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