Snap (NYSE:SNAP) Insider Sells 6,923 Shares

Snap Inc. (NYSE:SNAP) insider Ajit Mohan sold 6,923 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $5.58, for a total value of $38,630.34. Following the completion of the sale, the insider directly owned 5,050,968 shares of the company’s stock, valued at approximately $28,184,401.44. The trade was a 0.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ajit Mohan also recently made the following trade(s):

• On Monday, May 18th, Ajit Mohan sold 44,785 shares of Snap stock. The shares were sold at an average price of $5.60, for a total transaction of $250,796.00.
• On Thursday, April 16th, Ajit Mohan sold 28,058 shares of Snap stock. The shares were sold at an average price of $6.02, for a total transaction of $168,909.16.

Snap Stock Down 1.9%

NYSE SNAP traded down $0.09 during trading on Thursday, reaching $4.65. The company’s stock had a trading volume of 60,774,658 shares, compared to its average volume of 42,440,916. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $7.85 billion, a PE ratio of -19.38 and a beta of 1.03. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41. The business has a 50-day moving average price of $5.64 and a 200-day moving average price of $6.08.

Snap (NYSE:SNAP) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the business posted ($0.08) EPS. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, research analysts forecast that Snap Inc. will post -0.06 earnings per share for the current fiscal year.

Key Headlines Impacting Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap continues to expand its AR ecosystem, including the launch of SPECS and growing developer support, which could strengthen its long-term wearable computing strategy.
• Positive Sentiment: Snap reportedly acquired Illumix to boost its augmented reality capabilities, adding another asset aimed at improving immersive experiences and digital-physical integration. Snap Inc (SNAP) Buys Illumix. Augmented Reality in Focus
• Neutral Sentiment: High call-option activity suggests some traders are betting on a potential rebound or higher volatility in Snap shares.
• Neutral Sentiment: Snap also announced new safeguards for younger users, which may help with trust and regulatory concerns but is unlikely to be a major near-term stock catalyst.
• Negative Sentiment: Wall Street’s reaction to the SPECS launch has been skeptical, with investors questioning whether a premium-priced AR headset can gain meaningful consumer traction or improve profitability soon. Snap (SNAP) Launches $2,195 SPECS As AR Bet Faces Investor Doubt
• Negative Sentiment: Several reports noted that Snap shares fell after the AR glasses unveiling, reflecting concern that the product is too costly and could deepen investor doubts about the company’s hardware ambitions. Will SPECS Glasses Help Expand Snap’s Augmented Reality Reach?

Analysts Set New Price Targets

SNAP has been the subject of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research report on Wednesday. BNP Paribas Exane downgraded Snap to a “neutral” rating in a research note on Monday, April 27th. Truist Financial set a $8.00 target price on Snap in a report on Wednesday. Sanford C. Bernstein cut Snap from a “market perform” rating to a “market perform” rating in a research report on Monday, April 27th. Finally, Benchmark reissued a “hold” rating on shares of Snap in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.79.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SNAP. Mackenzie Financial Corp increased its position 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 during the period. WealthCollab LLC grew its position in Snap by 1.2% in the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock worth $931,000 after purchasing an additional 1,369 shares during the last quarter. Alliancebernstein L.P. increased its stake in Snap by 0.3% during the third quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after acquiring an additional 1,396 shares during the period. Orion Porfolio Solutions LLC increased its stake in Snap by 8.3% during the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after acquiring an additional 1,451 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its holdings in Snap by 37.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock valued at $44,000 after acquiring an additional 1,500 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.