K.J. Harrison & Partners Inc Purchases New Position in Snap Inc. (NYSE:SNAP)

K.J. Harrison & Partners Inc acquired a new position in Snap Inc. (NYSE:SNAP) during the second quarter, HoldingsChannel reports. The institutional investor acquired 20,000 shares of the company’s stock, valued at approximately $332,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC lifted its position in Snap by 77.1% in the fourth quarter. International Assets Investment Management LLC now owns 11,970 shares of the company’s stock worth $203,000 after buying an additional 5,213 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of Snap during the fourth quarter valued at approximately $251,000. Kovack Advisors Inc. raised its holdings in shares of Snap by 7.9% in the fourth quarter. Kovack Advisors Inc. now owns 27,185 shares of the company’s stock worth $460,000 after buying an additional 2,000 shares during the period. Headlands Technologies LLC purchased a new position in Snap during the 4th quarter valued at $273,000. Finally, Russell Investments Group Ltd. grew its position in Snap by 39.4% in the 4th quarter. Russell Investments Group Ltd. now owns 208,845 shares of the company’s stock valued at $3,541,000 after acquiring an additional 58,986 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. Wolfe Research initiated coverage on Snap in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their price objective on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Truist Financial dropped their target price on shares of Snap from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.10.

Insider Buying and Selling

In related news, SVP Eric Young sold 114,097 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the completion of the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at $27,710,096.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $15.01, for a total transaction of $270,180.00. Following the completion of the transaction, the general counsel now directly owns 449,383 shares of the company’s stock, valued at approximately $6,745,238.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eric Young sold 114,097 shares of Snap stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the completion of the transaction, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,356,370 shares of company stock worth $12,254,383. 22.68% of the stock is owned by insiders.

Snap Price Performance

Snap stock traded down $0.32 during trading on Wednesday, reaching $9.18. The company had a trading volume of 17,888,596 shares, compared to its average volume of 27,675,080. Snap Inc. has a 1-year low of $8.28 and a 1-year high of $17.90. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. The firm’s 50-day simple moving average is $13.09 and its 200 day simple moving average is $13.07. The firm has a market capitalization of $15.06 billion, a PE ratio of -11.36 and a beta of 1.03.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. As a group, equities research analysts anticipate that Snap Inc. will post -0.48 earnings per share for the current fiscal year.

Snap 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.