Snap Sees Unusually Large Options Volume (SNAP)

Snap Inc. (NYSE:SNAP) was the recipient of some unusual options trading activity on Tuesday. Stock investors acquired 36,213 call options on the company. This is an increase of 221% compared to the average daily volume of 11,288 call options.

SNAP has been the subject of a number of research reports. Jefferies Group LLC reissued a “buy” rating and issued a $30.00 price target on shares of Snap in a report on Monday, April 17th. Barclays PLC reaffirmed a “sell” rating on shares of Snap in a report on Friday, April 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Snap in a report on Monday, April 17th. Vetr downgraded shares of Snap from a “buy” rating to a “hold” rating and set a $22.54 price objective for the company. in a report on Thursday, April 27th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $23.00 price objective on shares of Snap in a report on Tuesday, July 11th. Nine investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $21.03.

A number of large investors have recently made changes to their positions in the company. US Bancorp DE purchased a new stake in shares of Snap during the first quarter valued at $101,000. Seven Bridges Advisors LLC purchased a new stake in shares of Snap during the second quarter valued at $101,000. WFG Advisors LP purchased a new stake in shares of Snap during the first quarter valued at $109,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. purchased a new stake in shares of Snap during the second quarter valued at $137,000. 30.16% of the stock is owned by institutional investors.

Shares of Snap (NYSE:SNAP) traded down 2.76% on Tuesday, reaching $13.02. 30,037,138 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $15.61 and its 200-day moving average price is $19.35. Snap has a 52-week low of $11.90 and a 52-week high of $29.44. The stock’s market cap is $15.35 billion.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million. The firm’s revenue for the quarter was up 285.6% on a year-over-year basis. Equities analysts forecast that Snap will post ($0.57) EPS for the current fiscal year.

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About Snap

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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