Snap Inc. (NYSE:SNAP) announced its quarterly earnings results on Thursday. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by $0.07, Morningstar.com reports. The firm had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The company’s revenue for the quarter was up 153.1% compared to the same quarter last year.
Shares of Snap (NYSE:SNAP) traded down 14.09% during midday trading on Friday, reaching $11.83. The company’s stock had a trading volume of 83,853,248 shares. The company’s 50-day moving average price is $15.10 and its 200 day moving average price is $19.13. Snap has a 12-month low of $11.77 and a 12-month high of $29.44. The company’s market capitalization is $13.95 billion. Snap also saw some unusual options trading on Thursday. Stock traders bought 65,962 put options on the company. This represents an increase of approximately 173% compared to the typical volume of 24,199 put options.
A number of analysts have recently commented on SNAP shares. Drexel Hamilton reissued a “buy” rating and set a $30.00 price target on shares of Snap in a research note on Thursday, May 11th. Vetr lowered Snap from a “buy” rating to a “hold” rating and set a $13.95 price target on the stock. in a research note on Monday, July 31st. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $23.00 price target (down from $27.00) on shares of Snap in a research note on Friday. J P Morgan Chase & Co reissued a “neutral” rating and set a $18.00 price target (down from $20.00) on shares of Snap in a research note on Monday, June 5th. Finally, Stifel Nicolaus lowered Snap from a “buy” rating to a “hold” rating and set a $20.00 price target on the stock. in a research note on Friday, July 14th. Nine investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the stock. Snap has an average rating of “Hold” and an average target price of $19.42.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. bought a new position in Snap during the first quarter worth $252,388,000. US Bancorp DE bought a new position in Snap during the first quarter worth $101,000. Global X Management Co. LLC bought a new position in Snap during the first quarter worth $3,650,000. KPCB DGF Associates LLC bought a new position in Snap during the first quarter worth $40,911,000. Finally, Oppenheimer & Co. Inc. bought a new position in Snap during the first quarter worth $369,000. Institutional investors own 30.16% of the company’s stock.
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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