Snap (NYSE:SNAP) Reaches New 1-Year Low After Insider Selling

Snap Inc. (NYSE:SNAP)’s share price reached a new 52-week low during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $8.00 and last traded at $8.16, with a volume of 19807265 shares traded. The stock had previously closed at $8.88.

Specifically, General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the sale, the general counsel now owns 507,660 shares in the company, valued at approximately $4,365,876. This represents a 4.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SNAP shares. JMP Securities restated a “market outperform” rating and set a $16.00 price target on shares of Snap in a research note on Monday, January 27th. Guggenheim reiterated a “neutral” rating on shares of Snap in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Snap in a report on Thursday, December 5th. Wells Fargo & Company reduced their target price on Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $36.80.

Snap Stock Down 8.1 %

The business has a 50-day moving average of $10.06 and a 200-day moving average of $10.80. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The stock has a market capitalization of $13.84 billion, a price-to-earnings ratio of -19.43 and a beta of 0.92.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. On average, sell-side analysts expect that Snap Inc. will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Snap in the 4th quarter valued at $27,000. Raiffeisen Bank International AG purchased a new stake in Snap during the fourth quarter worth about $30,000. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Snap during the fourth quarter worth about $32,000. Osterweis Capital Management Inc. acquired a new position in shares of Snap in the fourth quarter valued at approximately $43,000. Finally, Blue Trust Inc. increased its stake in Snap by 128.0% during the 4th quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after buying an additional 2,453 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.