Seven Eight Capital LP Has $2.64 Million Position in Snap Inc. (NYSE:SNAP)

Seven Eight Capital LP lessened its stake in shares of Snap Inc. (NYSE:SNAP - Get Rating) by 4.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 294,612 shares of the company's stock after selling 13,020 shares during the period. Snap accounts for about 0.7% of Seven Eight Capital LP's portfolio, making the stock its 24th largest position. Seven Eight Capital LP's holdings in Snap were worth $2,637,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of SNAP. Fiduciary Alliance LLC bought a new stake in shares of Snap in the 4th quarter worth $26,000. Sonnipe Ltd bought a new position in Snap during the fourth quarter valued at about $30,000. Boit C F David bought a new position in Snap during the third quarter valued at about $34,000. EverSource Wealth Advisors LLC grew its position in Snap by 738.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,855 shares of the company's stock valued at $35,000 after buying an additional 3,395 shares during the period. Finally, CI Investments Inc. grew its position in Snap by 81.0% during the fourth quarter. CI Investments Inc. now owns 4,176 shares of the company's stock valued at $37,000 after buying an additional 1,869 shares during the period. Institutional investors and hedge funds own 43.30% of the company's stock.

In related news, General Counsel Michael J. O'sullivan sold 13,000 shares of the company's stock in a transaction on Friday, March 31st. The stock was sold at an average price of $11.13, for a total value of $144,690.00. Following the completion of the transaction, the general counsel now directly owns 478,330 shares in the company, valued at $5,323,812.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Jerry James Hunter sold 64,409 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $8.51, for a total value of $548,120.59. Following the completion of the transaction, the chief operating officer now owns 4,701,927 shares of the company's stock, valued at $40,013,398.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. O'sullivan sold 13,000 shares of the stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $11.13, for a total value of $144,690.00. Following the completion of the transaction, the general counsel now directly owns 478,330 shares of the company's stock, valued at approximately $5,323,812.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,012 shares of company stock worth $3,404,745. 22.68% of the stock is currently owned by insiders.

SNAP has been the subject of several recent research reports. Rosenblatt Securities reduced their target price on shares of Snap from $10.00 to $9.00 in a research note on Friday, April 28th. The Goldman Sachs Group reduced their target price on shares of Snap from $8.00 to $7.00 in a research note on Friday, April 28th. Guggenheim reduced their target price on shares of Snap from $12.00 to $9.00 in a research note on Friday, April 28th. Truist Financial reduced their target price on shares of Snap from $8.00 to $7.00 in a research note on Friday, April 28th. Finally, Piper Sandler cut their price objective on shares of Snap from $9.00 to $8.00 in a research report on Friday, April 28th. Three equities research analysts have rated the stock with a sell rating, thirty have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.44.

Snap stock traded up $0.06 during mid-day trading on Friday, hitting $10.39. 7,819,370 shares of the company were exchanged, compared to its average volume of 30,782,023. The company has a debt-to-equity ratio of 1.45, a current ratio of 4.71 and a quick ratio of 4.71. The business's 50 day simple moving average is $9.94 and its two-hundred day simple moving average is $10.05. The company has a market capitalization of $16.64 billion, a P/E ratio of -11.87 and a beta of 1.20. Snap Inc. has a 12-month low of $7.33 and a 12-month high of $16.55.

Snap (NYSE:SNAP - Get Rating) last released its earnings results on Thursday, April 27th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.04. The firm had revenue of $988.61 million during the quarter, compared to analyst estimates of $1.01 billion. Snap had a negative return on equity of 33.79% and a negative net margin of 30.89%. Analysts forecast that Snap Inc. will post -0.76 earnings per share for the current fiscal year.

Snap, Inc operates as a camera company. Its flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps. The firm's primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C.

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