Empowered Funds LLC Raises Stock Position in Snap Inc. (NYSE:SNAP)

Empowered Funds LLC lifted its holdings in shares of Snap Inc. (NYSE:SNAP) by 13.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,584 shares of the company’s stock after purchasing an additional 4,044 shares during the quarter. Empowered Funds LLC’s holdings in Snap were worth $370,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TB Alternative Assets Ltd. grew its stake in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Snap in the 3rd quarter valued at about $1,345,000. Dynamic Advisor Solutions LLC acquired a new position in shares of Snap during the third quarter worth about $832,000. Entropy Technologies LP purchased a new stake in shares of Snap during the third quarter worth approximately $828,000. Finally, Exchange Traded Concepts LLC raised its holdings in Snap by 38.7% in the third quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock valued at $8,399,000 after acquiring an additional 219,111 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Stock Up 1.5 %

SNAP opened at $11.59 on Tuesday. The business has a 50 day moving average price of $10.85 and a two-hundred day moving average price of $12.44. Snap Inc. has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a market cap of $19.44 billion, a PE ratio of -20.00 and a beta of 0.99. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the business earned ($0.21) earnings per share. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. As a group, research analysts anticipate that Snap Inc. will post -0.4 EPS for the current year.

Analyst Ratings Changes

SNAP has been the subject of several analyst reports. Bank of America boosted their price target on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Argus raised Snap to a “hold” rating in a report on Thursday, August 8th. Roth Mkm restated a “neutral” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Benchmark reaffirmed a “hold” rating on shares of Snap in a research report on Friday, October 25th. Finally, Truist Financial increased their price objective on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.31.

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $9.30, for a total transaction of $167,400.00. Following the transaction, the general counsel now owns 456,662 shares of the company’s stock, valued at $4,246,956.60. This represents a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Eric Young sold 50,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $10.54, for a total value of $527,000.00. Following the completion of the sale, the senior vice president now directly owns 752,110 shares of the company’s stock, valued at approximately $7,927,239.40. This trade represents a 6.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,406,709 shares of company stock worth $16,615,487.

Snap 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.