Snap Sees Unusually Large Options Volume (NYSE:SNAP)

Snap Inc. (NYSE:SNAP) was the target of some unusual options trading on Wednesday. Investors purchased 105,767 call options on the company. This represents an increase of approximately 51% compared to the typical volume of 70,261 call options.

Snap Stock Up 5.8%

Shares of NYSE SNAP traded up $0.33 on Wednesday, hitting $5.92. The company had a trading volume of 75,914,094 shares, compared to its average volume of 45,407,129. Snap has a 12-month low of $3.81 and a 12-month high of $9.13. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. The firm has a market capitalization of $10.00 billion, a P/E ratio of -32.86 and a beta of 1.23. The business has a 50 day moving average of $5.76 and a two-hundred day moving average of $5.43.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.03 earnings per share (EPS) for the quarter. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. As a group, equities research analysts forecast that Snap will post -0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SNAP has been the subject of a number of analyst reports. Citigroup upped their price target on Snap from $6.50 to $6.75 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Susquehanna reiterated a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. Wall Street Zen lowered shares of Snap from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Stifel Nicolaus set a $7.50 target price on Snap in a report on Tuesday, August 4th. Finally, Truist Financial lowered their target price on Snap from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Snap presently has a consensus rating of “Hold” and an average target price of $7.71.

Insider Activity

In other news, insider Ajit Mohan sold 6,797 shares of Snap stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $5.82, for a total value of $39,558.54. Following the sale, the insider directly owned 4,965,300 shares of the company’s stock, valued at approximately $28,898,046. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 11,257 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $6.00, for a total transaction of $67,542.00. Following the completion of the sale, the general counsel directly owned 2,345,534 shares in the company, valued at $14,073,204. This trade represents a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 445,926 shares of company stock worth $2,326,930.

Institutional Investors Weigh In On Snap

Hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in shares of Snap by 68.9% during the 3rd quarter. Signaturefd LLC now owns 5,211 shares of the company’s stock worth $28,000 after purchasing an additional 2,126 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Snap by 6,678.0% during the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock worth $31,000 after buying an additional 6,678 shares in the last quarter. NFSG Corp grew its position in shares of Snap by 52.7% during the 1st quarter. NFSG Corp now owns 8,400 shares of the company’s stock worth $39,000 after purchasing an additional 2,900 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Snap by 135.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock valued at $39,000 after acquiring an additional 4,907 shares during the period. Finally, Allegiance Financial Group Advisory Services LLC bought a new position in Snap in the 3rd quarter valued at about $55,000. Institutional investors own 47.52% of the company’s stock.

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.