Snap (NYSE:SNAP) Hits New 52-Week Low After Insider Selling

Snap Inc. (NYSE:SNAP) shares reached a new 52-week low during trading on Thursday after an insider sold shares in the company. The company 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 firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total value of $206,400.00. Following the completion of the sale, the general counsel now owns 507,660 shares of the company’s stock, valued at $4,365,876. This trade represents a 4.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

A number of research analysts have issued reports on SNAP shares. JMP Securities reissued a “market outperform” rating and set a $16.00 price objective on shares of Snap in a research report on Monday, January 27th. JPMorgan Chase & Co. decreased their price target on shares of Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, February 5th. Susquehanna raised their price objective on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Guggenheim reiterated a “neutral” rating on shares of Snap in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $640.00 target price on shares of Snap in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Snap presently has a consensus rating of “Hold” and an average target price of $36.80.

Snap Trading Down 8.1 %

The stock has a 50-day simple moving average of $10.06 and a two-hundred day simple moving average of $10.80. The firm has a market cap of $13.84 billion, a PE ratio of -19.43 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) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 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%. As a group, sell-side analysts anticipate that Snap Inc. will post -0.3 EPS for the current year.

Institutional Trading of Snap

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