Economy

Snap Inc. (SNAP) Rating Lowered to Sell at Zacks Investment Research

Snap Inc. (SNAP) Rating Lowered to Sell at Zacks Investment Research”

It's not the first time Snap has laid off employees in recent months.

A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc.to post their IPO, in New York City, New York, U.S. on March 2, 2017. It doesn't appear as though the situation improved over the summer.

Snap badly overestimated demand for its Spectacles and now has hundreds of thousands of unsold units sitting in warehouses, either fully assembled or in parts, according to two people close to the company. Piper Jaffray Companies reissued a hold rating on shares of Snap in a research report on Wednesday, October 11th.

A surplus in Spectacles would indicate that Snap meant to sell far more units of the social headgear.

Several hedge funds and other institutional investors have recently made changes to their positions in SNAP. Snap's revenue for the quarter was up 153.1% on a year-over-year basis. Following the sale, the vice president now owns 2,440,055 shares of the company's stock, valued at approximately $31,818,317.20. Finally, Sumitomo Mitsui Asset Management Company LTD grew its position in Snap by 2,592.8% in the 2nd quarter.

COPYRIGHT VIOLATION NOTICE: This news story was first reported by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this piece on another domain, it was stolen and republished in violation of United States & global trademark & copyright law. Equities analysts anticipate that Snap Inc. will post ($0.65) earnings per share for the current year. The correct version of this article can be viewed at https://weekherald.com/2017/10/23/credit-suisse-group-reaffirms-outperform-rating-for-snap-inc-snap.html.

In related news, CFO Andrew Vollero sold 195,100 shares of the business's stock in a transaction that occurred on Monday, August 14th. Also, VP Timothy Sehn sold 150,000 shares of the business's stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total value of $5,250,000.00. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Last February, the sunglasses stared selling online.

Snap Inc, formerly Snapchat, Inc, is a camera company.

Do you know more about what's happening at Snap?

Snap has been relatively quiet on hardware efforts thus far, though CEO Evan Spiegel did compare early performance of the Spectacles to the iPod.



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