Snap Sees Unusually High Options Volume (NYSE:SNAP)
Snap Inc. (NYSE:SNAP) experienced a significant increase in options trading, with 117,569 call options purchased, marking a 43% rise from the average volume. Analysts have mixed views on the stock, with price targets ranging from $8 to $14. The stock traded at $12.56, with a market cap of $21.07 billion. Recent insider sales and institutional investments indicate active trading behavior. Snap's quarterly earnings exceeded expectations, reporting $0.08 EPS and $1.37 billion in revenue.
Snap Inc. (NYSE:SNAP - Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Investors bought 117,569 call options on the company. This represents an increase of 43% compared to the typical volume of 81,936 call options.
Wall Street Analyst Weigh In
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Several research analysts have weighed in on SNAP shares. Stifel Nicolaus dropped their price target on Snap from $13.00 to $11.00 and set a "hold" rating for the company in a research note on Monday, October 14th. Bank of America upped their target price on shares of Snap from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Cantor Fitzgerald lifted their price target on shares of Snap from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Canaccord Genuity Group increased their price objective on shares of Snap from $12.00 to $13.00 and gave the company a "hold" rating in a report on Wednesday, October 30th. Finally, Truist Financial lifted their target price on Snap from $13.00 to $14.00 and gave the stock a "hold" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $37.10.
Read Our Latest Analysis on Snap
Insider Activity
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In related news, CAO Rebecca Morrow sold 2,812 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $32,169.28. Following the transaction, the chief accounting officer now owns 430,252 shares of the company's stock, valued at approximately $4,922,082.88. This trade represents a 0.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Eric Young sold 112,020 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the sale, the senior vice president now directly owns 2,791,048 shares of the company's stock, valued at approximately $29,445,556.40. This represents a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,451,618 shares of company stock valued at $17,560,157 over the last three months. Insiders own 22.68% of the company's stock.
Institutional Investors Weigh In On Snap
Several hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in Snap during the third quarter worth $29,000. Paladin Wealth LLC acquired a new position in shares of Snap during the 3rd quarter worth about $30,000. Advisors Asset Management Inc. boosted its holdings in Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company's stock worth $30,000 after buying an additional 1,632 shares during the last quarter. Hollencrest Capital Management purchased a new stake in Snap during the 2nd quarter worth approximately $33,000. Finally, Brooklyn Investment Group acquired a new position in shares of Snap during the third quarter valued at approximately $41,000. Hedge funds and other institutional investors own 47.52% of the company's stock.
Snap Stock Performance
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NYSE:SNAP traded down $0.01 during trading hours on Tuesday, hitting $12.56. 27,527,873 shares of the company were exchanged, compared to its average volume of 23,898,426. The company's 50 day moving average price is $11.57 and its 200-day moving average price is $11.58. The stock has a market capitalization of $21.07 billion, a price-to-earnings ratio of -21.65 and a beta of 0.98. Snap has a 52-week low of $8.29 and a 52-week high of $17.75. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company's revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period last year, the business posted ($0.21) earnings per share. As a group, research analysts forecast that Snap will post -0.4 earnings per share for the current year.
Snap Company Profile
(Get Free Report)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.
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