Invenomic Capital Management LP Sells 839,030 Shares of Snap Inc. $SNAP

Invenomic Capital Management LP lessened its stake in shares of Snap Inc. (NYSE:SNAP) by 34.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,575,633 shares of the company’s stock after selling 839,030 shares during the period. Invenomic Capital Management LP owned approximately 0.09% of Snap worth $12,148,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Snap in the 3rd quarter worth about $33,000. Banque Cantonale Vaudoise bought a new stake in Snap during the 3rd quarter valued at about $39,000. Grey Fox Wealth Advisors LLC purchased a new position in Snap in the third quarter worth about $53,000. CoreCap Advisors LLC raised its holdings in Snap by 826.1% in the third quarter. CoreCap Advisors LLC now owns 9,363 shares of the company’s stock worth $72,000 after buying an additional 8,352 shares during the last quarter. Finally, West Tower Group LLC purchased a new stake in shares of Snap during the third quarter valued at approximately $77,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Snap

In related news, CAO Rebecca Morrow sold 16,499 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $77,545.30. Following the completion of the transaction, the chief accounting officer owned 466,682 shares of the company’s stock, valued at approximately $2,193,405.40. This represents a 3.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Derek Andersen sold 63,041 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $296,292.70. Following the sale, the chief financial officer directly owned 3,892,617 shares in the company, valued at approximately $18,295,299.90. This represents a 1.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 2,519,487 shares of company stock valued at $13,384,277.

Snap Stock Down 1.7%

SNAP stock opened at $4.57 on Monday. The business’s 50-day moving average price is $6.21 and its 200-day moving average price is $7.27. The stock has a market cap of $7.72 billion, a P/E ratio of -16.94 and a beta of 0.83. The company has a quick ratio of 3.56, a current ratio of 3.56 and a debt-to-equity ratio of 1.53. Snap Inc. has a twelve month low of $4.52 and a twelve month high of $10.41.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the company posted $0.01 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Snap Inc. will post -0.3 EPS for the current year.

Wall Street Analyst Weigh In

SNAP has been the subject of a number of recent analyst reports. Roth Mkm set a $7.00 price objective on shares of Snap in a report on Thursday, February 5th. Arete Research set a $7.30 target price on Snap and gave the stock a “buy” rating in a report on Tuesday, February 10th. Stifel Nicolaus set a $5.50 price target on Snap and gave the stock a “hold” rating in a research note on Thursday, February 5th. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a report on Thursday, February 5th. Finally, Evercore reiterated a “mixed” rating on shares of Snap in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Snap presently has a consensus rating of “Hold” and a consensus target price of $8.17.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.