Snap Inc (NYSE:SNAP) shot up 5.2% during trading on Thursday . The company traded as high as $6.87 and last traded at $6.82. 12,616,680 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 25,810,689 shares. The stock had previously closed at $6.48.

A number of research analysts have recently issued reports on the company. Bank of America downgraded Snap from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Jefferies Financial Group dropped their price objective on Snap from $11.00 to $8.00 and set a “hold” rating on the stock in a research note on Friday, October 26th. Royal Bank of Canada dropped their price objective on Snap to $8.00 and set an “outperform” rating on the stock in a research note on Friday, October 26th. Canaccord Genuity dropped their price objective on Snap from $12.00 to $8.00 and set a “hold” rating on the stock in a research note on Friday, October 26th. Finally, JPMorgan Chase & Co. downgraded Snap from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $12.00 to $6.00 in a research note on Friday, October 26th. Nine research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.40.

The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of -3.28 and a beta of -0.49.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. The business had revenue of $297.70 million for the quarter, compared to the consensus estimate of $283.54 million. As a group, analysts forecast that Snap Inc will post -1.01 EPS for the current fiscal year.

In other news, insider Imran Khan sold 200,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $6.93, for a total value of $1,386,000.00. Following the completion of the sale, the insider now directly owns 7,791,577 shares of the company’s stock, valued at $53,995,628.61. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jerry James Hunter sold 97,656 shares of the stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $12.23, for a total value of $1,194,332.88. Following the completion of the sale, the vice president now directly owns 1,864,934 shares of the company’s stock, valued at $22,808,142.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,591,949 shares of company stock worth $26,070,411.

Institutional investors have recently modified their holdings of the company. Aviance Capital Partners LLC purchased a new stake in shares of Snap in the third quarter worth approximately $110,000. Paloma Partners Management Co bought a new position in shares of Snap in the third quarter valued at approximately $115,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Snap by 188.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after acquiring an additional 6,556 shares in the last quarter. North Star Investment Management Corp. grew its holdings in shares of Snap by 283.0% in the second quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after acquiring an additional 7,500 shares in the last quarter. Finally, Greenwood Capital Associates LLC bought a new position in shares of Snap in the second quarter valued at approximately $138,000. 22.46% of the stock is owned by hedge funds and other institutional investors.

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About Snap (NYSE:SNAP)

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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