Short Interest in Snap Inc. (NYSE:SNAP) Drops By 19.0%

Snap Inc. (NYSE:SNAP) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 62,170,000 shares, a drop of 19.0% from the January 15th total of 76,750,000 shares. Based on an average daily trading volume, of 30,360,000 shares, the days-to-cover ratio is currently 2.0 days. Approximately 5.7% of the company’s shares are sold short.

Analyst Ratings Changes

SNAP has been the topic of a number of recent analyst reports. JMP Securities reissued a “market outperform” rating and issued a $16.00 price objective on shares of Snap in a research note on Monday, January 27th. Evercore ISI raised their price target on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Barclays reaffirmed an “overweight” rating on shares of Snap in a report on Wednesday, February 5th. Citizens Jmp downgraded Snap from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $36.87.

Insider Activity at Snap

In other Snap news, CAO Rebecca Morrow sold 11,154 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 value of $117,674.70. Following the completion of the transaction, the chief accounting officer now directly owns 465,064 shares in the company, valued at approximately $4,906,425.20. This represents a 2.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the transaction, the general counsel now owns 480,498 shares in the company, valued at approximately $5,520,922.02. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 443,518 shares of company stock worth $4,947,981 in the last quarter. 22.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in shares of Snap by 62.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after purchasing an additional 2,386,519 shares during the period. TB Alternative Assets Ltd. raised its holdings in shares of Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Aigen Investment Management LP bought a new position in Snap in the 3rd quarter worth $1,345,000. Invenomic Capital Management LP bought a new position in Snap in the 3rd quarter worth approximately $2,349,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Snap by 49.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock valued at $28,245,000 after purchasing an additional 879,212 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Stock Down 3.7 %

SNAP traded down $0.42 during midday trading on Friday, hitting $10.84. The company’s stock had a trading volume of 19,206,127 shares, compared to its average volume of 35,096,188. The company has a quick ratio of 4.04, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap has a 52-week low of $8.29 and a 52-week high of $17.33. The firm has a 50-day moving average price of $11.31 and a two-hundred day moving average price of $10.75.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share 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, research analysts expect that Snap will post -0.26 earnings per share for the current year.

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.