Van ECK Associates Corp Lowers Position in Snap Inc. (NYSE:SNAP)

Van ECK Associates Corp cut its holdings in Snap Inc. (NYSE:SNAPGet Rating) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 142,830 shares of the company’s stock after selling 3,032 shares during the quarter. Van ECK Associates Corp’s holdings in Snap were worth $1,403,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. lifted its stake in Snap by 407.0% in the second quarter. Pinebridge Investments L.P. now owns 2,028 shares of the company’s stock worth $27,000 after acquiring an additional 1,628 shares during the period. Truvestments Capital LLC purchased a new stake in Snap in the second quarter worth about $34,000. Castleview Partners LLC lifted its stake in Snap by 1,213.0% in the second quarter. Castleview Partners LLC now owns 2,626 shares of the company’s stock worth $200,000 after acquiring an additional 2,426 shares during the period. Crewe Advisors LLC lifted its position in shares of Snap by 753.9% during the second quarter. Crewe Advisors LLC now owns 2,707 shares of the company’s stock valued at $36,000 after buying an additional 2,390 shares during the last quarter. Finally, Venture Visionary Partners LLC purchased a new stake in shares of Snap during the second quarter valued at about $40,000. 43.30% of the stock is owned by hedge funds and other institutional investors.

Snap Trading Up 1.7 %

NYSE SNAP opened at $9.80 on Friday. Snap Inc. has a 52 week low of $7.33 and a 52 week high of $41.97. The company has a current ratio of 4.86, a quick ratio of 4.86 and a debt-to-equity ratio of 1.29. The business’s fifty day simple moving average is $9.64 and its 200-day simple moving average is $10.70.

Snap (NYSE:SNAPGet Rating) last posted its quarterly earnings results on Thursday, October 20th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06. Snap had a negative return on equity of 25.57% and a negative net margin of 24.32%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.15 billion. On average, equities research analysts predict that Snap Inc. will post -0.65 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on SNAP shares. Guggenheim decreased their price target on shares of Snap to $8.50 in a research report on Thursday, October 27th. Morgan Stanley decreased their price target on shares of Snap from $10.00 to $7.00 and set an “underweight” rating for the company in a research report on Friday, October 21st. Cowen decreased their price target on shares of Snap to $9.00 in a research report on Thursday, October 27th. Royal Bank of Canada decreased their price target on shares of Snap from $11.00 to $8.00 and set a “sector perform” rating for the company in a research report on Friday, October 21st. Finally, Barclays decreased their price objective on shares of Snap from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, October 21st. Three equities research analysts have rated the stock with a sell rating, twenty-seven have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Snap currently has a consensus rating of “Hold” and a consensus target price of $13.88.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 5,155 shares of Snap stock in a transaction on Friday, December 16th. The stock was sold at an average price of $8.47, for a total transaction of $43,662.85. Following the transaction, the general counsel now owns 582,564 shares in the company, valued at approximately $4,934,317.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, General Counsel Michael J. O’sullivan sold 5,155 shares of the firm’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $8.47, for a total transaction of $43,662.85. Following the completion of the sale, the general counsel now directly owns 582,564 shares of the company’s stock, valued at approximately $4,934,317.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 7,782 shares of the firm’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $10.77, for a total value of $83,812.14. Following the sale, the chief accounting officer now directly owns 247,532 shares of the company’s stock, valued at $2,665,919.64. The disclosure for this sale can be found here. Insiders have sold a total of 1,400,857 shares of company stock worth $11,264,962 in the last quarter. Company insiders own 22.68% of the company’s stock.

About Snap

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Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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