Quinn Opportunity Partners LLC Has $11.46 Million Stock Holdings in Snap Inc. $SNAP

Quinn Opportunity Partners LLC boosted its stake in shares of Snap Inc. (NYSE:SNAP) by 56.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,486,281 shares of the company’s stock after purchasing an additional 536,721 shares during the quarter. Snap comprises approximately 0.8% of Quinn Opportunity Partners LLC’s investment portfolio, making the stock its 28th biggest position. Quinn Opportunity Partners LLC’s holdings in Snap were worth $11,459,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Snap during the 3rd quarter worth about $33,000. Banque Cantonale Vaudoise bought a new stake in shares of Snap during the 3rd quarter worth about $39,000. Grey Fox Wealth Advisors LLC acquired a new position in Snap in the 3rd quarter valued at about $53,000. CoreCap Advisors LLC grew its stake in Snap by 826.1% in the 3rd quarter. CoreCap Advisors LLC now owns 9,363 shares of the company’s stock valued at $72,000 after buying an additional 8,352 shares during the last quarter. Finally, West Tower Group LLC bought a new position in Snap in the 3rd quarter valued at about $77,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Stock Performance

Shares of NYSE:SNAP opened at $4.57 on Friday. Snap Inc. has a 12-month low of $4.52 and a 12-month high of $10.41. The company’s 50 day moving average price is $6.21 and its two-hundred day moving average price is $7.27. The firm has a market cap of $7.72 billion, a PE ratio of -16.94 and a beta of 0.83. The company has a quick ratio of 3.56, a current ratio of 3.56 and a debt-to-equity ratio of 1.53.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. Snap’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 earnings per share. Equities research analysts predict that Snap Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on SNAP. The Goldman Sachs Group cut their price objective on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a research report on Tuesday, January 13th. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a research report on Thursday, February 5th. Piper Sandler reiterated a “neutral” rating on shares of Snap in a research note on Thursday, February 5th. Roth Mkm set a $7.00 price target on Snap in a report on Thursday, February 5th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $8.00 price target on shares of Snap in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.17.

Insider Buying and Selling

In related news, CFO Derek Andersen sold 63,041 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total value of $296,292.70. Following the transaction, the chief financial officer owned 3,892,617 shares in the company, valued at approximately $18,295,299.90. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Zachary M. Briers sold 134,705 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $633,113.50. Following the completion of the transaction, the general counsel directly owned 2,854,088 shares of the company’s stock, valued at approximately $13,414,213.60. This trade represents a 4.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,526,487 shares of company stock worth $13,435,587 over the last three months. Company insiders own 22.68% of the company’s stock.

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.