Goldman maintained its Snap Inc. [NYSE:SNAP] rating to the equivalent of Buy but changed the price target to $70 from $47, in a research note dated December 29, 2020. That figure represents around a 31.05% premium from where the company’s shares closed on Monday. Some new analysts also started their coverage, with Cleveland Research’s analysts assigning the shares to “a Buy” rating in a research note to investors issued in mid December. Meanwhile, Truist had raised its rating on SNAP to ”Buy” from the earlier “Hold”, in a research note produced for clients October 21, 2020. In addition, there was no change from Wells Fargo on October 21, 2020. The rater maintained SNAP to “an Overweight” but assigned new target price of $44.
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Is Snap Inc. [NYSE:SNAP] a Good Buy Right Now?
It should be noted that SNAP technical indicators for short, intermediate as well as long term progress have placed an overall average of 80% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Snap Inc.’s Trend Spotter indicated that the signals were Rising. The stock current average is 18.82 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 39.37 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 29.29 million shares.
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SNAP Price Performance
On Wall Street, Snap Inc. [NYSE:SNAP] finished Monday’s session down -3.77% at $48.26. The stock went up to $50.83 at the same session while its lowest single day price was $47.82. In the last five days, it saw a fall of about -8.93%, Snap Inc. shares gained by almost 195.53% since the beginning of the year. However, the share price has dropped to as low as -11.79% below its one year high. On 12/17/20, the company shares recorded $54.71, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 03/18/20, the same year at $7.89. The company’s shares have inclined by 201.06% in the past year. The 50-day SMA achieved is $44.21 while the 200-day SMA is $26.22. Volume gained to 13.71 million from 12.93 million in the previous session.
SNAP Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 47.11 level, and in case of violation of this particular level, it will cause more drop to 45.96 level. On the upper level, 51.98 is still the key resistance. The stock may increase to the subsequent resistance at 50.12. The Relative Strength Index (RSI) pinned on the 14-day chart is 49.84, implying a neutral technical stance while the MACD stands at -1.46, meaning price will decrease in the next trading period. Percent R indicator moved to 93.61%, implying bearish price movement. Stochastic %K at 24.80% suggest selling the stock.
What is the short interest in Snap Inc.?
Short interest in the Snap Inc. stock has surged, increasing by 0.82 million shares to total 67.95 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 68.77 million, data from Yahoo Finance shows. The decrease of -1.21% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 6.38% of the overall float for the stock.
Snap Inc.’s Biggest Shareholders: Who Owns Snap Inc. [SNAP]?
Filings by T. Rowe Price Associates, Inc. showed that the firm now holds a total of 129,017,741 shares or roughly 10.45% of the outstanding SNAP shares. This means their shares have increased by 15,370,854 from the 129,017,741 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $3,750,265,641. Details in the latest 13F filings reveal that Edgewood Management LLC acquired their 14.75% stake valued at $3,342,368,508 while Capital Research & Management Co added theirs at $1,768,212,903. During the last quarter, Edgewood Management LLC raised 9,671,263 of its shares in Snap Inc. while Capital Research & Management Co bought 42,698 shares. The Morgan Stanley Investment Managem’s holdings currently number 31,890,655 shares at $1539043010.3. According to the firm’s last 13F report, BlackRock Fund Advisors shares in the company at filing stood at 22,628,844 shares, roughly $1,005,173,250.
SNAP Earnings Forecast For The Current Quarter
Snap Inc. [SNAP] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $848.13M and an earnings per share of $0.07 for Dec 2020. Looking further ahead, the company is expected to report revenue of $686.67M at an EPS of -$0.03 for Mar 2021. The estimates represent upside of 41.60% and 344.40% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
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SNAP Earnings Estimates For The Current Year
For the financial year, Snap Inc. [NYSE:SNAP] is expected to bring in revenue of $2.44B. The returns are nearly $720.0 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -0.09, higher than that of FY19 by $0.07. Estimates put this year’s earnings growth at 43.80%, 344.40% for the next, and at an annual 67.40% over the next 5-year period. As for sales, forecasts are for an increase of 42.10% in the current fiscal year and a further 41.60% over the following year.
