Vetr Inc. Lowers Snap Inc. (SNAP) to Sell

Vetr downgraded shares of Snap Inc. (NYSE:SNAP) from a hold rating to a sell rating in a research report report published on Tuesday, July 18th. The brokerage currently has $13.70 price objective on the stock.

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Several other research analysts have also issued reports on the company. Jefferies Group LLC restated a buy rating and issued a $30.00 price target on shares of Snap in a research report on Monday, April 17th. Barclays PLC reiterated a sell rating on shares of Snap in a report on Friday, April 14th. Summit Research reiterated a sell rating and set a $17.00 target price on shares of Snap in a report on Tuesday, March 28th. Bank of America Corporation began coverage on Snap in a report on Monday, March 27th. They set a neutral rating and a $25.00 target price on the stock. Finally, CIBC reiterated a market perform rating on shares of Snap in a report on Tuesday, March 28th. Nine investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $21.03.

Shares of Snap (NYSE:SNAP) traded up 4.56% during midday trading on Tuesday, hitting $13.52. The stock had a trading volume of 53,080,707 shares. The firm’s market capitalization is $15.94 billion. Snap has a one year low of $12.83 and a one year high of $29.44. The firm’s 50-day moving average price is $16.13 and its 200-day moving average price is $19.59.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.05) by $0.26. The firm had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The business’s revenue for the quarter was up 285.6% compared to the same quarter last year. On average, equities analysts predict that Snap will post ($0.57) EPS for the current year.

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Several hedge funds have recently added to or reduced their stakes in SNAP. US Bancorp DE bought a new stake in Snap during the first quarter worth about $101,000. Seven Bridges Advisors LLC acquired a new position in shares of Snap during the second quarter worth $101,000. WFG Advisors LP acquired a new position in shares of Snap during the first quarter worth $109,000. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new position in shares of Snap during the second quarter worth $137,000. 29.61% of the stock is currently owned by institutional investors and hedge funds.

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.

To view Vetr’s full report, visit Vetr’s official website.