TB Alternative Assets Ltd. Purchases 3,011,400 Shares of Snap Inc. (NYSE:SNAP)

TB Alternative Assets Ltd. increased its position in Snap Inc. (NYSE:SNAP) by 144.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,094,800 shares of the company’s stock after buying an additional 3,011,400 shares during the period. Snap accounts for 14.6% of TB Alternative Assets Ltd.’s portfolio, making the stock its largest holding. TB Alternative Assets Ltd.’s holdings in Snap were worth $58,488,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. grew its holdings in Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after purchasing an additional 1,445 shares during the last quarter. Allworth Financial LP grew its holdings in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in Snap during the fourth quarter valued at approximately $51,000. Rakuten Securities Inc. acquired a new position in Snap during the fourth quarter valued at approximately $73,000. Finally, Westpac Banking Corp grew its holdings in Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after purchasing an additional 2,506 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Stock Performance

Shares of NYSE SNAP traded up $0.06 during midday trading on Wednesday, reaching $16.77. 12,854,244 shares of the company traded hands, compared to its average volume of 28,880,094. The stock’s 50-day simple moving average is $15.06 and its 200-day simple moving average is $14.16. Snap Inc. has a 12 month low of $8.28 and a 12 month high of $17.90. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 1.55.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative return on equity of 46.62% and a negative net margin of 26.99%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, analysts forecast that Snap Inc. will post -0.43 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SNAP shares. Wells Fargo & Company raised their price objective on shares of Snap from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. TD Cowen raised their price objective on shares of Snap from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. UBS Group lowered their price objective on shares of Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Raymond James restated an “outperform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Snap in a research note on Friday, April 26th. Finally, Morgan Stanley raised their price objective on shares of Snap from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Friday, April 26th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and an average price target of $14.82.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the completion of the sale, the general counsel now directly owns 474,812 shares in the company, valued at $5,474,582.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $14.27, for a total value of $14,270,000.00. Following the completion of the sale, the chief technology officer now directly owns 59,894,865 shares in the company, valued at $854,699,723.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the completion of the sale, the general counsel now owns 474,812 shares of the company’s stock, valued at $5,474,582.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,372,583 shares of company stock worth $19,843,735. 22.68% of the stock is owned by corporate insiders.

Snap Company Profile

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.