Goldman reiterates Snap Inc. [SNAP] at buy and assigns price target at $70

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.‎

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