Snap Inc (NYSE:SNAP) Sees Significant Growth in Short Interest

Snap Inc (NYSE:SNAP) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 88,815,400 shares, an increase of 9.5% from the May 30th total of 81,075,700 shares. Approximately 13.5% of the shares of the stock are short sold. Based on an average daily volume of 26,220,000 shares, the days-to-cover ratio is presently 3.4 days.

NYSE:SNAP traded up $0.04 on Friday, reaching $15.61. The company’s stock had a trading volume of 39,160,354 shares, compared to its average volume of 21,652,068. Snap has a 1-year low of $4.82 and a 1-year high of $16.24. The company has a current ratio of 4.75, a quick ratio of 4.75 and a debt-to-equity ratio of 0.15. The stock has a market cap of $21.14 billion, a price-to-earnings ratio of -16.09 and a beta of 1.08. The stock’s 50-day moving average price is $13.81.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Snap had a negative net margin of 92.94% and a negative return on equity of 47.71%. The business had revenue of $320.43 million during the quarter, compared to analyst estimates of $306.28 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. The firm’s revenue was up 38.9% on a year-over-year basis. As a group, equities research analysts forecast that Snap will post -0.76 earnings per share for the current fiscal year.

In other Snap news, CAO Lara Sweet sold 71,833 shares of Snap stock in a transaction on Monday, June 17th. The stock was sold at an average price of $13.74, for a total value of $986,985.42. Following the completion of the transaction, the chief accounting officer now owns 1,259,565 shares in the company, valued at approximately $17,306,423.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jerry James Hunter sold 8,770 shares of Snap stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $11.72, for a total value of $102,784.40. Following the completion of the transaction, the vice president now owns 1,677,417 shares of the company’s stock, valued at approximately $19,659,327.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,748,027 shares of company stock valued at $34,004,202.

A number of large investors have recently bought and sold shares of SNAP. Hillhouse Capital Advisors Ltd. acquired a new position in shares of Snap during the fourth quarter worth about $38,157,000. Miracle Mile Advisors LLC boosted its position in shares of Snap by 1,687.3% during the first quarter. Miracle Mile Advisors LLC now owns 1,429,858 shares of the company’s stock worth $15,757,000 after buying an additional 1,349,858 shares during the period. KCL Capital L.P. acquired a new position in shares of Snap during the first quarter worth about $12,122,000. Marshall Wace North America L.P. acquired a new position in shares of Snap during the first quarter worth about $8,059,000. Finally, FMR LLC boosted its position in shares of Snap by 2.8% during the fourth quarter. FMR LLC now owns 22,150,589 shares of the company’s stock worth $122,050,000 after buying an additional 606,983 shares during the period. 26.08% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have recently weighed in on the company. Goldman Sachs Group set a €135.00 ($156.98) target price on SAP and gave the stock a “buy” rating in a research report on Friday. Stifel Nicolaus downgraded Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 target price for the company. in a research report on Wednesday, April 24th. Credit Suisse Group upgraded Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 target price for the company in a research report on Tuesday, July 9th. They noted that the move was a valuation call. Zacks Investment Research downgraded Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th. Finally, UBS Group boosted their target price on W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research report on Wednesday, April 24th. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $12.09.

About 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 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 surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

Featured Story: Blue-Chip Stocks

Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.