Snap Inc. (NYSE:SNAP) Short Interest Down 17.0% in November

Snap Inc. (NYSE:SNAP) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 66,370,000 shares, a decline of 17.0% from the October 31st total of 80,000,000 shares. Currently, 6.2% of the company’s shares are sold short. Based on an average trading volume of 27,700,000 shares, the days-to-cover ratio is presently 2.4 days.

Snap Trading Up 1.7 %

NYSE:SNAP opened at $11.81 on Monday. 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 has a 1-year low of $8.29 and a 1-year high of $17.90. The firm has a market capitalization of $19.81 billion, a price-to-earnings ratio of -20.36 and a beta of 0.99. The stock has a fifty day simple moving average of $11.04 and a 200 day simple moving average of $12.29.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the company posted ($0.21) EPS. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. Sell-side analysts forecast that Snap will post -0.4 earnings per share for the current year.

Insider Activity

In other news, CFO Derek Andersen sold 97,608 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. This represents a 4.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total transaction of $77,208.00. Following the sale, the director now owns 54,761 shares in the company, valued at $657,132. The trade was a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,388,709 shares of company stock valued at $16,448,087. 22.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNAP. Marshall Wace LLP increased its position in Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after buying an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. increased its position in Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after buying an additional 4,098,847 shares during the period. Charles Schwab Investment Management Inc. increased its position in Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after buying an additional 2,386,519 shares during the period. Discovery Capital Management LLC CT bought a new position in Snap in the 2nd quarter worth approximately $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Snap by 49.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after buying an additional 1,297,348 shares during the period. 47.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $16.00 price target on shares of Snap in a research note on Wednesday, October 30th. Citigroup boosted their price objective on shares of Snap from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday. B. Riley boosted their price objective on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Argus raised shares of Snap to a “hold” rating in a research note on Thursday, August 8th. Finally, Stifel Nicolaus lowered their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.33.

About Snap

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.