Snap Inc (NYSE:SNAP) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 118,378,391 shares, a growth of 25.2% from the January 12th total of 94,583,793 shares. Currently, 27.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 16,004,409 shares, the short-interest ratio is presently 7.4 days.
Several research analysts have weighed in on the stock. Barclays raised shares of Snap from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $11.00 to $18.00 in a research note on Tuesday, December 5th. Bank of America raised shares of Snap from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Wednesday, February 7th. Susquehanna Bancshares downgraded shares of Snap from a “neutral” rating to a “sell” rating in a research note on Thursday, February 8th. Evercore ISI began coverage on shares of Snap in a research note on Tuesday, December 5th. They issued an “underperform” rating and a $7.00 price target for the company. Finally, Deutsche Bank reiterated a “hold” rating and issued a $13.00 price target on shares of Snap in a research note on Monday, January 22nd. Fifteen analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the company’s stock. Snap has an average rating of “Hold” and an average price target of $18.10.
Shares of Snap (NYSE SNAP) traded up $0.07 during mid-day trading on Wednesday, reaching $18.64. 31,690,000 shares of the company traded hands, compared to its average volume of 33,240,000. Snap has a 12-month low of $11.28 and a 12-month high of $29.44. The firm has a market cap of $22,450.00 and a P/E ratio of -5.63.
A number of hedge funds have recently made changes to their positions in the stock. Banco de Sabadell S.A acquired a new position in Snap in the 4th quarter valued at about $181,000. Laurel Wealth Advisors Inc. acquired a new position in Snap in the 4th quarter valued at about $279,000. EMS Capital LP acquired a new position in shares of Snap during the 4th quarter valued at about $41,200,000. Quad Capital Management Advisors LLC acquired a new position in shares of Snap during the 4th quarter valued at about $351,000. Finally, Jafra Capital Management LP acquired a new position in shares of Snap during the 4th quarter valued at about $731,000. 18.24% of the stock is owned by hedge funds and other institutional investors.
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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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