Snap (NYSE:SNAP) Sees Large Volume Increase After Better-Than-Expected Earnings

Snap Inc. (NYSE:SNAP) saw an uptick in trading volume on Friday following a stronger than expected earnings report. 40,670,093 shares traded hands during mid-day trading, an increase of 34% from the previous session’s volume of 30,265,061 shares.The stock last traded at $14.00 and had previously closed at $11.40.

The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.10. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%.

Wall Street Analysts Forecast Growth

SNAP has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price objective on Snap from $22.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 7th. Royal Bank of Canada decreased their price target on Snap from $17.00 to $13.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 7th. Piper Sandler raised their price target on Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Deutsche Bank Aktiengesellschaft raised Snap from a “hold” rating to a “buy” rating and raised their price target for the stock from $10.00 to $19.00 in a research note on Friday, January 26th. Finally, Stifel Nicolaus decreased their price target on Snap from $14.00 to $12.00 and set a “hold” rating on the stock in a research note on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.09.

Insider Buying and Selling at Snap

In other news, CAO Rebecca Morrow sold 2,442 shares of Snap stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the transaction, the chief accounting officer now owns 493,084 shares in the company, valued at approximately $5,423,924. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Rebecca Morrow sold 2,442 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the transaction, the chief accounting officer now owns 493,084 shares in the company, valued at approximately $5,423,924. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eric Young sold 120,472 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $11.13, for a total value of $1,340,853.36. Following the transaction, the senior vice president now owns 3,540,852 shares of the company’s stock, valued at approximately $39,409,682.76. The disclosure for this sale can be found here. Insiders sold a total of 470,482 shares of company stock worth $5,284,091 in the last 90 days. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

Several hedge funds have recently added to or reduced their stakes in SNAP. NBC Securities Inc. raised its stake in Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of Snap by 75.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $31,000 after buying an additional 1,500 shares in the last quarter. Allworth Financial LP raised its stake in shares of Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Snap in the 4th quarter worth $51,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Snap in the 4th quarter worth $73,000. Institutional investors own 47.52% of the company’s stock.

Snap Stock Up 22.2 %

The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The stock has a 50 day moving average price of $11.19 and a 200 day moving average price of $12.79. The company has a market cap of $22.99 billion, a P/E ratio of -16.78 and a beta of 1.13.

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.