Snap Inc. (SNAP) Upgraded to "Hold" at Vetr Inc

Paterniano Del Favero
Luglio 28, 2017

Finally, Cowen and Company cut Snap from an "outperform" rating to a "market perform" rating and upped their price target for the stock from $21.00 to $26.00 in a report on Friday, July 14th. Vetr's target price suggests a potential upside of 11.43% from the company's current price.

Other equities analysts have also recently issued research reports about the company. UBS AG assumed coverage on shares of Snap in a research note on Monday, March 27th.

Many investors are shorting the stock into the lockup end, meaning they are borrowing shares on the presumption that they can buy them back at a profit after the price drops. Jefferies Group LLC reiterated a "buy" rating and set a $30.00 target price on shares of Snap in a research report on Monday, April 17th. Aegis reaffirmed a "hold" rating and set a $19.00 price target on shares of Snap in a research note on Wednesday, July 12th. (The) reissued a "buy" rating and issued a $28.00 price objective on shares of Snap in a research report on Thursday, May 11th.

On July 31, early investors including Lightspeed Venture Partners will be able to sell up to 400 million shares, with employees owning another 782 million allowed to start selling on August 14, four days after Snap reports results, JPMorgan analyst Doug Anmuth said in a recent note. NN Investment Partners Holdings N.V. now owns 42,406 shares of the company's stock worth $754,000 after buying an additional 2,530 shares in the last quarter. (NYSE:SNAP) have been assigned a consensus recommendation of "Hold" from the forty-four brokerages that are covering the firm, MarketBeat Ratings reports.

Shares of Snap (SNAP) traded up 4.48% during mid-day trading on Tuesday, hitting $14.00. 20,485,673 shares of the stock traded hands. The company has a 50-day moving average of $16.70 and a 200 day moving average of $19.82. The stock's market capitalization is $10.48 billion. Snap has a 1-year low of $15.21 and a 1-year high of $29.44. Investors purchased 38,482 put options on the stock. This represents an increase of approximately 104% compared to the average volume of 18,862 put options.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. The firm had revenue of $149.60 million for the quarter, compared to the consensus estimate of $158.32 million. Snap's quarterly revenue was up 285.6% on a year-over-year basis.

Zacks Investment Research's earnings per share calculations are a mean average based on a survey of research firms that follow Snap. Snap has warned it may never be profitable, and Facebook Inc's Instagram has been rolling out features that copy Snapchat. If you are accessing this article on another site, it was illegally stolen and republished in violation of U.S. & global trademark & copyright legislation. The legal version of this report can be read at https://weekherald.com/2017/07/27/summit-redstone-reiterates-sell-rating-for-snap-inc-snap.html.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. acquired a new position in shares of Snap during the first quarter worth approximately $252,388,000. Finally, Point72 Asia Hong Kong Ltd acquired a new position in shares of Snap during the first quarter worth approximately $1,386,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Snap during the first quarter valued at approximately $158,000. Dubuque Bank & Trust Co. purchased a new position in shares of Snap during the second quarter valued at approximately $137,000.

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