Quinn Opportunity Partners LLC Purchases 536,721 Shares of Snap Inc. $SNAP

Quinn Opportunity Partners LLC boosted its position in shares of Snap Inc. (NYSE:SNAP) by 56.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,486,281 shares of the company’s stock after purchasing an additional 536,721 shares during the quarter. Snap accounts for about 0.8% of Quinn Opportunity Partners LLC’s investment portfolio, making the stock its 28th biggest holding. Quinn Opportunity Partners LLC owned about 0.09% of Snap worth $11,459,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. WealthCollab LLC grew its holdings in shares of Snap by 7.9% in the 3rd quarter. WealthCollab LLC now owns 114,021 shares of the company’s stock valued at $879,000 after buying an additional 8,360 shares during the period. Limestone Investment Advisors LP acquired a new stake in Snap during the 3rd quarter worth $194,000. Certuity LLC raised its stake in Snap by 41.6% during the 3rd quarter. Certuity LLC now owns 22,996 shares of the company’s stock worth $177,000 after buying an additional 6,759 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Snap by 55.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,547,954 shares of the company’s stock worth $19,645,000 after acquiring an additional 910,740 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Snap by 5.1% during the third quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after acquiring an additional 1,349 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Price Performance

Shares of SNAP opened at $4.57 on Friday. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. The company’s fifty day simple moving average is $6.21 and its 200 day simple moving average is $7.27. Snap Inc. has a 1-year low of $4.52 and a 1-year high of $10.41. The company has a market cap of $7.72 billion, a price-to-earnings ratio of -16.94 and a beta of 0.83.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.01 EPS. On average, research analysts forecast that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SNAP shares. Wells Fargo & Company lowered their price target on Snap from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, February 5th. Cantor Fitzgerald cut their price objective on Snap from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Stifel Nicolaus set a $5.50 price objective on Snap and gave the company a “hold” rating in a research report on Thursday, February 5th. Loop Capital set a $8.00 price objective on shares of Snap in a research report on Monday, February 23rd. Finally, Piper Sandler reissued a “neutral” rating on shares of Snap in a research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.17.

Insiders Place Their Bets

In related news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $5,360,000.00. Following the completion of the transaction, the chief technology officer owned 49,313,775 shares in the company, valued at approximately $264,321,834. This trade represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Zachary M. Briers sold 68,620 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $4.73, for a total value of $324,572.60. Following the transaction, the general counsel directly owned 2,785,468 shares in the company, valued at approximately $13,175,263.64. This trade represents a 2.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,526,487 shares of company stock worth $13,435,587 in the last three months. Insiders own 22.68% of the company’s stock.

About Snap

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.