Snap Sees Unusually High Options Volume (SNAP)
Snap Inc. (NYSE:SNAP) was the target of some unusual options trading activity on Thursday. Stock traders acquired 65,962 put options on the company. This is an increase of 173% compared to the average daily volume of 24,199 put options.
A number of research analysts have commented on the stock. UBS AG upgraded shares of Snap from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $24.00 to $19.00 in a research note on Thursday, May 11th. Monness Crespi & Hardt downgraded shares of Snap from a “buy” rating to a “neutral” rating in a research note on Friday. Stifel Nicolaus reduced their price objective on shares of Snap from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday. Canaccord Genuity reiterated a “hold” rating and set a $15.00 price objective (down from $22.00) on shares of Snap in a research note on Friday. Finally, Bank of America Corporation reiterated a “neutral” rating and set a $17.00 price objective (down from $20.00) on shares of Snap in a research note on Friday. Nine analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have given a buy rating to the company’s stock. Snap presently has an average rating of “Hold” and a consensus price target of $19.42.
Shares of Snap (NYSE:SNAP) opened at 11.83 on Friday. The firm’s market cap is $13.95 billion. The company has a 50 day moving average of $15.10 and a 200-day moving average of $19.13. Snap has a 12-month low of $11.77 and a 12-month high of $29.44.
Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by $0.07. The firm had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The business’s quarterly revenue was up 153.1% on a year-over-year basis. Equities research analysts forecast that Snap will post ($0.56) EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. US Bancorp DE purchased a new stake in shares of Snap during the first quarter valued at approximately $101,000. Seven Bridges Advisors LLC purchased a new stake in shares of Snap during the second quarter valued at approximately $101,000. WFG Advisors LP purchased a new stake in shares of Snap during the first quarter valued at approximately $109,000. Harel Insurance Investments & Financial Services Ltd. increased its stake 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 valued at $134,000 after buying an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in shares of Snap during the second quarter valued at approximately $137,000. Institutional investors own 30.16% of the company’s stock.
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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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