Economy

Snap Inc. Shares Tumble 18% on Disappointing Growth

Snap Inc. Shares Tumble 18% on Disappointing Growth”

The stock initially popped but has since come down below that price. Summit Redstone restated a "sell" rating and issued a $8.00 target price (down from $10.00) on shares of Snap in a research report on Friday, August 11th. First Manhattan Co. now owns 7,631 shares of the company's stock valued at $110,000 after acquiring an additional 6,056 shares during the period. Clearly, Snap is selling fewer Spectacles than it anticipated. Also, VP Timothy Sehn sold 400,000 shares of the company's stock in a transaction dated Monday, August 14th.

Snapchat-owner Snap Inc on Tuesday reported lower-than-expected daily active users for the third quarter, amid stiff competition from Facebook's Instagram, sending the company's shares down more than 18% in extended trading. Following the transaction, the vice president now owns 2,669,279 shares of the company's stock, valued at $38,944,780.61. Over the last three months, insiders sold 2,533,598 shares of company stock worth $35,540,362. The shares were sold at an average price of $12.50, for a total value of $5,000,000.00. Snap's revenue for the quarter was up 153.1% on a year-over-year basis. equities analysts expect that Snap will post -2.81 earnings per share for the current year.

The Venice, CA-based messaging app maker reported a Q3 net loss of ($0.14), which was $0.01 better than the Wall Street consensus estimate of ($0.15). Following the sale, the chief financial officer now directly owns 1,882,280 shares in the company, valued at $23,528,500. Seven Bridges Advisors LLC purchased a new position in Snap during the second quarter worth approximately $101,000. BlackRock Inc. grew its position in Snap by 10.0% in the 2nd quarter.

Wedbush reiterated their hold rating on shares of Snap Inc.

Snap's average revenue per user rose to $1.17 in the latest quarter, from 84 cents a year earlier, but missed analysts' average estimate of $1.30. Finally, State Treasurer State of MI acquired a new position in shares of Snap in the third quarter valued at about $15,714,000.

It appears the camera company's consumer product, Spectacles, failed to live up to the hype.



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