Snap (NYSE:SNAP) Raised to “Hold” at B. Riley

B. Riley upgraded shares of Snap (NYSE:SNAP) to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

A number of other brokerages have also recently issued reports on SNAP. Truist Financial decreased their price objective on shares of Snap from $16.00 to $13.00 and set a hold rating on the stock in a research note on Friday, August 2nd. HSBC cut Snap from a buy rating to a hold rating in a report on Friday, August 2nd. Roth Mkm reaffirmed a neutral rating and issued a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. Citigroup decreased their target price on Snap from $16.00 to $11.00 and set a neutral rating on the stock in a research report on Monday, August 12th. Finally, JPMorgan Chase & Co. lowered their target price on Snap from $13.00 to $11.00 and set an underweight rating for the company in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $13.76.

Snap Trading Down 0.2 %

Snap stock opened at $10.05 on Thursday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. The stock has a 50-day simple moving average of $10.58 and a 200 day simple moving average of $12.83. The stock has a market capitalization of $16.68 billion, a P/E ratio of -12.41 and a beta of 1.00. Snap has a 52 week low of $8.28 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. Analysts expect that Snap will post -0.48 earnings per share for the current year.

Insider Activity at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $16.56, for a total transaction of $298,080.00. Following the transaction, the general counsel now owns 481,908 shares of the company’s stock, valued at $7,980,396.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Snap news, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at $4,298,885.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $16.56, for a total value of $298,080.00. Following the completion of the transaction, the general counsel now owns 481,908 shares in the company, valued at approximately $7,980,396.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,511,540 shares of company stock valued at $13,569,906. 22.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snap

Large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Snap in the second quarter worth $33,000. Blue Trust Inc. raised its position in shares of Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new stake in Snap during the second quarter valued at $40,000. J.Safra Asset Management Corp grew its position in Snap by 534.4% during the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after buying an additional 2,330 shares in the last quarter. Finally, Kapitalo Investimentos Ltda bought a new position in Snap in the 4th quarter worth about $108,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.