Short Interest in Snap Inc (SNAP) Decreases By 11.3%

Snap Inc (NYSE:SNAP) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 110,230,804 shares, a decline of 11.3% from the November 30th total of 124,255,748 shares. Based on an average daily volume of 25,253,572 shares, the days-to-cover ratio is currently 4.4 days. Currently, 28.1% of the company’s stock are short sold.

In other news, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the transaction, the vice president now directly owns 2,669,279 shares in the company, valued at approximately $38,944,780.61. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the transaction, the chief executive officer now owns 86,657,812 shares in the company, valued at $1,076,290,025.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,790,711 shares of company stock worth $50,137,268.

A number of hedge funds have recently added to or reduced their stakes in the business. First Manhattan Co. raised its position in shares of Snap by 384.5% during the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after buying an additional 6,056 shares during the last quarter. WFG Advisors LP raised its position in shares of Snap by 52.4% during the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after buying an additional 2,537 shares during the last quarter. Nelson Roberts Investment Advisors LLC raised its position in shares of Snap by 10,033.0% during the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock valued at $147,000 after buying an additional 10,033 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Snap during the second quarter valued at about $148,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Snap by 9,588.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock valued at $172,000 after buying an additional 9,588 shares during the last quarter. Institutional investors own 18.88% of the company’s stock.

Shares of Snap (SNAP) opened at $14.59 on Friday. Snap has a fifty-two week low of $11.28 and a fifty-two week high of $29.44. The stock has a market cap of $17,570.00 and a PE ratio of -4.59.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. Snap had a negative net margin of 463.16% and a negative return on equity of 107.36%. The company had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The firm’s revenue for the quarter was up 62.2% compared to the same quarter last year. equities analysts forecast that Snap will post -3.04 EPS for the current fiscal year.

Several equities analysts have recently commented on SNAP shares. Vetr upgraded shares of Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 price target on the stock in a report on Thursday, October 19th. Drexel Hamilton restated a “buy” rating and set a $30.00 price target on shares of Snap in a report on Thursday, September 14th. Morgan Stanley cut shares of Snap from an “equal weight” rating to an “underweight” rating in a report on Thursday, November 9th. Cantor Fitzgerald restated a “buy” rating and set a $17.00 price target (up from $15.00) on shares of Snap in a report on Friday, September 15th. Finally, Royal Bank of Canada restated a “buy” rating and set a $20.00 price target on shares of Snap in a report on Sunday, October 8th. Seventeen investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and twelve have assigned a buy rating to the company. Snap currently has an average rating of “Hold” and an average target price of $16.84.

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About Snap

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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