Snap shares plunge after earnings disappoint
- Author: Sonia Alvarado Aug 12, 2017,
Aug 12, 2017, 0:09
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company's stock valued at $134,000 after buying an additional 6,540 shares during the period.
Holding out from placing ads is more hard for Snap, which has $2.8 billion in cash and marketable investments.
Hedge funds have recently made changes to their positions in the company. US Bancorp DE purchased a new position in Snap during the first quarter valued at $101,000. Finally, Exane Derivatives purchased a new stake in Snap during the first quarter worth $282,000.
Snap has been struggling to shrug off worries of its employees and company insiders flooding the market with new shares. The company leveraged its Windows platform to pulverize Netscape, which would go on to lose much of its market share within a few years.
Facebook recently shut down Lifestage, which lets those 21 and under share photos, selfies and videos with classmates. Canaccord Genuity initiated coverage on Snap in a research report on Friday, April 28th. Snap has a 1-year low of $11.90 and a 1-year high of $29.44. Neither plans to dump stock anytime soon, and the company has waved off rumors of a potential $30-billion acquisition offer from Google. The stock has a 50-day moving average price of $15.27 and a 200 day moving average price of $19.19.
Foxconn to build LCD factory in U.S. , investing 10 bln United States dollars
The campus dubbed "Wisconn Valley", would cover almost 1.6 square miles and be three times the size of the Pentagon. Other states that vied for the plant are Michigan, Illinois, Indiana, Ohio, Pennsylvania and Texas.
Snap's latest earnings report highlights the need for drastic action. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.13. It won't be easy for Snapchat to top $1 billion in revenue this year, as investors have expected. Snap said quarterly revenue was $181.7 million, missing the $185.8 million average estimate of analysts surveyed by Bloomberg.
250 million Snaps are saved to Memories each day. If you are reading this report on another publication, it was illegally stolen and republished in violation of US & worldwide copyright legislation. The legal version of this article can be accessed at https://www.baseball-news-blog.com/2017/08/09/snap-inc-nysesnap-rating-reiterated-by-wells-fargo-company-updated-updated.html. They noted that the move was a valuation call.
Shares fell almost 8 percent to below $13 at one point in after-hours trading after closing at $13.77, up 21 cents on the day. Nine investment analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have issued a buy rating to the company. Finally, Jefferies Group LLC lowered their price target on Snap from $30.00 to $16.00 and set a "buy" rating on the stock in a report on Friday.
Uber Technologies Inc. faced a fresh round of turmoil Thursday, with its chief of global operations resigning and investors suing the company's former CEO. (SNAP) has revolved around the impact of Facebook's clones - Instagram Stories especially - on Snapchat's user growth.