Ajit Mohan Sells 6,923 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) insider Ajit Mohan sold 6,923 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $5.58, for a total transaction of $38,630.34. Following the transaction, the insider directly owned 5,050,968 shares of the company’s stock, valued at $28,184,401.44. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ajit Mohan also recently made the following trade(s):

• On Monday, May 18th, Ajit Mohan sold 44,785 shares of Snap stock. The stock was sold at an average price of $5.60, for a total transaction of $250,796.00.
• On Thursday, April 16th, Ajit Mohan sold 28,058 shares of Snap stock. The shares were sold at an average price of $6.02, for a total transaction of $168,909.16.

Snap Stock Performance

SNAP opened at $4.65 on Friday. The business’s 50 day moving average is $5.64 and its 200-day moving average is $6.07. The stock has a market cap of $7.85 billion, a PE ratio of -19.38 and a beta of 1.03. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $10.41.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The business’s quarterly revenue was up 12.2% on a year-over-year basis. On average, analysts predict that Snap Inc. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On Snap

Several hedge funds have recently modified their holdings of SNAP. Empowered Funds LLC lifted its holdings in shares of Snap by 13.3% in the first quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock valued at $352,000 after buying an additional 4,754 shares during the period. Prudential Financial Inc. acquired a new position in Snap during the second quarter worth about $136,000. Investment Management Corp of Ontario raised its position in Snap by 104.0% in the second quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company’s stock worth $535,000 after acquiring an additional 31,357 shares in the last quarter. Nebula Research & Development LLC bought a new stake in Snap in the second quarter worth about $1,675,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Snap by 52.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company’s stock valued at $776,000 after acquiring an additional 30,561 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap continues to push its augmented reality strategy, including the launch of its high-end SPECS AR glasses and new developer opportunities, which could support longer-term platform growth and engagement.
• Positive Sentiment: Snap’s acquisition of Illumix adds to its AR capabilities and reinforces management’s commitment to AR as a key growth area.
• Neutral Sentiment: There was elevated call option activity in Snap, suggesting some traders are still positioning for a rebound despite the recent weakness.
• Negative Sentiment: Insider Ajit Mohan sold 6,923 shares, but the company said the transaction was tied to tax withholding obligations from vesting equity awards, making it less concerning than a discretionary sale.
• Negative Sentiment: Jim Cramer called Snap “a disappointment,” adding to negative market sentiment around the stock and potentially weighing on investor confidence.
• Negative Sentiment: Snap recently reported earnings that missed EPS estimates, and its latest trading update showed the shares falling as investors remained unconvinced by the company’s near-term outlook.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Guggenheim reissued a “neutral” rating and set a $6.50 price target on shares of Snap in a report on Thursday, April 16th. HSBC downgraded shares of Snap from a “hold” rating to a “hold” rating in a report on Monday, April 27th. BMO Capital Markets increased their target price on shares of Snap from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Wednesday, April 15th. Rothschild & Co Redburn raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Monday, April 27th. Finally, BNP Paribas Exane cut shares of Snap to a “neutral” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty-three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $7.79.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.