Snap Inc. (SNAP) Rating Reiterated by Summit Redstone
Summit Redstone restated their sell rating on shares of Snap Inc. (NYSE:SNAP) in a research note issued to investors on Thursday morning. Summit Redstone currently has a $10.00 price objective on the stock, down from their prior price objective of $17.00.
A number of other equities analysts also recently weighed in on SNAP. UBS AG upgraded Snap from a market perform rating to an outperform rating and dropped their target price for the company from $24.00 to $19.00 in a report on Thursday, May 11th. Vetr downgraded Snap from a hold rating to a sell rating and set a $13.70 target price on the stock. in a report on Tuesday, July 18th. Cleveland Research downgraded Snap from a buy rating to a neutral rating in a report on Tuesday, July 25th. Canaccord Genuity reiterated a hold rating and issued a $22.00 target price on shares of Snap in a report on Friday, May 12th. Finally, Moffett Nathanson reiterated a sell rating on shares of Snap in a report on Friday, March 31st. Nine research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Snap has a consensus rating of Hold and a consensus price target of $21.03.
Snap (SNAP) traded down 1.96% during midday trading on Thursday, hitting $13.54. 40,494,823 shares of the company traded hands. The stock has a 50 day moving average price of $16.40 and a 200-day moving average price of $19.71. Snap has a 12-month low of $13.10 and a 12-month high of $29.44. The company’s market cap is $15.96 billion.
Snap (NYSE:SNAP) last posted its quarterly earnings data 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 business had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $158.32 million. The business’s quarterly revenue was up 285.6% on a year-over-year basis. Analysts expect that Snap will post ($0.57) EPS for the current year.
A number of large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in shares of Snap during the first quarter worth about $525,000. US Bancorp DE bought a new stake in shares of Snap during the first quarter worth about $101,000. First Trust Advisors LP bought a new stake in shares of Snap during the first quarter worth about $10,130,000. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Snap during the first quarter worth about $2,837,000. Finally, Geneva Advisors LLC bought a new stake in shares of Snap during the first quarter worth about $406,000. 29.61% of the stock is owned by hedge funds and other institutional investors.
Snap Company Profile
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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