Snap Inc. [SNAP] General Counsel makes an insider sale of 13,000 shares worth 131,919.


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Snap Inc. shares valued at $131,919 were sold by O’Sullivan Michael J. on Feb 28. At $10.15 per share, O’Sullivan Michael J. sold 13,000 shares. The insider’s holdings dropped to 491,330 shares worth approximately $4.96 million following the completion of this transaction.

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Also, Hunter Jerry James sold 62,913 shares, netting a total of over 695,667 in proceeds. Following the sale of shares at $11.06 each, the insider now holds 5,024,121 shares.

Before that, O’Sullivan Michael J. had sold 61,001 shares from its account. In a trade valued at $674,641, the General Counsel traded Snap Inc. shares for $11.06 each. Upon closing the transaction, the insider’s holdings decreased to 61,001 shares, worth approximately $12.96 million.

As published in a research note from UBS on February 01, 2023, Snap Inc. [SNAP] has been rated down from a Buy to a Neutral and the price target has been revised to $10. This represents a -1.0% premium over Thursday’s closing price. Analysts at The Benchmark Company downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early February. As of January 17, 2023, JMP Securities has decreased its “Mkt outperform” rating to a “Mkt perform” for SNAP. Earlier on January 04, 2023, New Street initiated its rating. Their recommendation was “a Buy” for SNAP stock.

Analyzing SNAP Stock Performance

On Thursday, Snap Inc. [NYSE: SNAP] plunged -0.39% to $10.10. The stock’s lowest price that day was $9.8805, but it reached a high of $10.14 in the same session. Over the course of the year, Snap Inc. shares have jumped approximately 12.85%. Shares of the company reached a 52-week high of $12.44 on 02/07/23 and a 52-week low of $8.69 on 01/03/23. A 50-day SMA is recorded $9.96, while a 200-day SMA reached $11.43. Nevertheless, trading volume fell to 17.15 million shares from 32.57 million shares the previous day.

Support And Resistance Levels for Snap Inc. (SNAP)

According to the 24-hour chart, there is a support level at 9.94, which, if violated, would cause prices to drop to 9.78. In the upper region, resistance lies at 10.20. The next price resistance is at 10.30. RSI (Relative Strength Index) is 47.06 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.19, which suggests the price will decrease in the coming days. Percent R is at 75.44%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Snap Inc. subject to short interest?

Stocks of Snap Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -9.2 million shares to 56.12 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 65.32 million shares. A decline of -16.39% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.98 of the overall float, the days-to-cover ratio (short ratio) decline to 1.98.

Which companies own the most shares of Snap Inc. (SNAP)?

According to Fidelity Management & Research Co filings, the company currently owns 126,170,973 shares, which is about 9.29% of the total SNAP shares outstanding. The investor’s shares have plunged by -1,654,735 from its previous 13-F filing of 127825708.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $1,023,152,318. Capital Research & Management Co acquire a 79.67% interest valued at $352.89 million while D. E. Shaw & Co. LP purchased a 12,812,884 stake. A total of -827,994 shares of Snap Inc. were bought by BlackRock Fund Advisors during the quarter, and -1,149,695 were sold by Goldman Sachs Asset Management LP. In its current portfolio, Two Sigma Advisers LP holds 18,744,377 shares valued at $216.68 million.

In terms of Snap Inc. share price expectations, FactSet research, analysts set an average price target of $10.16 in the next 12 months, down nearly -1.38% from the previous closing price of $10.14. Analysts anticipate Snap Inc. stock to reach $16.00 by 2023, with the lowest price target being $7.00. In spite of this, 41 analysts ranked Snap Inc. stock as a Hold at the end of 2023. On December 15, 2022, Jefferies assigned a price target of “a Hold” to the stock and downgraded coverage with a $10.


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