Invenomic Capital Management LP Sells 738,940 Shares of Snap Inc. $SNAP

Invenomic Capital Management LP lowered its stake in Snap Inc. (NYSE:SNAP) by 46.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 836,693 shares of the company’s stock after selling 738,940 shares during the quarter. Invenomic Capital Management LP’s holdings in Snap were worth $6,752,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in shares of Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the last quarter. Arax Advisory Partners lifted its holdings in shares of Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock worth $27,000 after acquiring an additional 2,275 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Snap in the fourth quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its stake in shares of Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares during the period. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Snap in the third quarter valued at approximately $39,000. Institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling at Snap

In other Snap news, insider Ajit Mohan sold 44,785 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $250,796.00. Following the completion of the sale, the insider owned 5,057,891 shares of the company’s stock, valued at approximately $28,324,189.60. This represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 114,702 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total transaction of $650,360.34. Following the sale, the chief financial officer directly owned 2,456,447 shares of the company’s stock, valued at $13,928,054.49. This represents a 4.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 2,900,631 shares of company stock worth $16,054,989. Company insiders own 22.68% of the company’s stock.

Snap Stock Performance

NYSE:SNAP opened at $4.71 on Thursday. The company has a market capitalization of $7.96 billion, a PE ratio of -19.63 and a beta of 1.03. The company has a 50 day simple moving average of $5.64 and a two-hundred day simple moving average of $6.10. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $10.41.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) EPS. Research analysts anticipate that Snap Inc. will post -0.06 earnings per share for the current year.

Key Snap News

Here are the key news stories impacting Snap this week:

• Negative Sentiment: Snap’s debut of Specs sparked selling as investors balked at the $2,195 price and questioned whether consumers will pay up for the company’s first standalone AR glasses. After unveiling ridiculously expensive AR glasses, Snap’s stock takes a dive
• Neutral Sentiment: Management is framing Specs as a long-term bet on life beyond smartphones, which could support the stock over time if the product gains traction, but near-term investor reaction has been cautious. Snap CEO Spiegel defends Specs as long-term bet, pushes back against activist pressure
• Positive Sentiment: Snap has been making other strategic moves in AR and finance, including an Illumix acquisition and a debt upgrade, which may improve the company’s longer-term risk profile. Snap’s AR Push And Debt Upgrade Reframe Valuation And Risk Profile
• Neutral Sentiment: Separately, Snap has introduced new safeguards for younger users, a policy update that may help with platform trust but is unlikely to be a major immediate stock catalyst. SNAP Introduces New Safeguards for Younger Users

Analyst Ratings Changes

SNAP has been the subject of several recent research reports. BNP Paribas Exane downgraded Snap to a “neutral” rating in a research note on Monday, April 27th. Rothschild & Co Redburn raised Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Monday, April 27th. HSBC downgraded Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. Canaccord Genuity Group lowered their price objective on Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. Finally, Barclays raised Snap from an “overweight” rating to an “overweight” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Snap currently has a consensus rating of “Hold” and a consensus price target of $7.79.

About Snap

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.