JPMorgan Chase & Co. Issues Pessimistic Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective dropped by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 7.27% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Loop Capital raised their price objective on shares of Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group lifted their target price on shares of Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $640.00 price target on shares of Snap in a research report on Thursday, December 5th. JMP Securities reiterated a “market outperform” rating and set a $16.00 target price on shares of Snap in a research report on Monday, January 27th. Finally, Stifel Nicolaus cut their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Snap presently has an average rating of “Hold” and an average price target of $36.84.

Snap Stock Down 7.0 %

Shares of SNAP traded down $0.82 during midday trading on Wednesday, hitting $10.78. The company had a trading volume of 37,987,835 shares, compared to its average volume of 31,596,434. The company’s 50 day moving average price is $11.52 and its 200 day moving average price is $10.89. The stock has a market cap of $18.09 billion, a price-to-earnings ratio of -18.54 and a beta of 0.99. Snap has a 52 week low of $8.29 and a 52 week high of $17.50. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. On average, equities research analysts predict that Snap will post -0.39 EPS for the current year.

Insider Buying and Selling

In other Snap news, CAO Rebecca Morrow sold 32,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $12.42, for a total transaction of $397,440.00. Following the completion of the transaction, the chief accounting officer now owns 433,064 shares of the company’s stock, valued at approximately $5,378,654.88. This trade represents a 6.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Derek Andersen sold 94,164 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $1,077,236.16. Following the transaction, the chief financial officer now directly owns 2,193,806 shares of the company’s stock, valued at $25,097,140.64. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 445,184 shares of company stock valued at $4,968,189 over the last quarter.

Hedge Funds Weigh In On Snap

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Snap in the 3rd quarter worth about $29,000. Paladin Wealth LLC purchased a new position in shares of Snap in the 3rd quarter worth about $30,000. Advisors Asset Management Inc. raised its position in shares of Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after purchasing an additional 1,632 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Snap in the 4th quarter worth about $32,000. Finally, Brooklyn Investment Group bought a new stake in Snap in the 3rd quarter worth about $41,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.