In the latest trading session, 2.9 million Snap Inc (NYSE:SNAP) shares changed hands as the company’s beta touched 1.24. With the company’s most recent per share price at $11.99 changed hands at -$0.16 or -1.28% at last look, the market valuation stands at $19.75B. SNAP’s current price is a discount, trading about -15.85% off its 52-week high of $13.89. The share price had its 52-week low at $7.86, which suggests the last value was 34.45% up since then. When we look at Snap Inc’s average trading volume, we note the 10-day average is 21.46 million shares, with the 3-month average coming to 23.29 million.
Analysts gave the Snap Inc (SNAP) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 3.02. If we narrow down to specifics, the data shows that 4 out of 41 analysts rate the stock as a Sell, with a further 3 assigning it an Overweight rating. Of the remaining, 32 recommended SNAP as a Hold, 2 felt it is a Buy and 0 rated the stock as Underweight. Snap Inc’s EPS for the current quarter is expected to be $0.05.
Snap Inc (NYSE:SNAP) trade information
Instantly SNAP was in red as seen in intraday trades today. With action -1.28%, the performance over the past five days has been red. The drop to weekly highs of 12.34 on Monday, 11/20/23 subtracted -1.28% to the stock’s daily price. The company’s shares are showing year-to-date upside of 34.02%, with the 5-day performance at -1.28% in the red. However, in the 30-day time frame, Snap Inc (NYSE:SNAP) is 26.40% up. Looking at the short shares, we see there were 69.32 million shares sold at short interest cover period of 2.27 days.
The consensus price target for the stock as assigned by Wall Street analysts is $10.07, meaning bulls need a downside of -19.07% from its recent market value. According to analyst projections, SNAP’s forecast low is $7.00 with $15.00 as the target high. To hit the forecast high, the stock’s price needs a -25.1% plunge from its current level, while the stock would need to tank 41.62% for it to hit the projected low.
Snap Inc (SNAP) estimates and forecasts
Data shows that the Snap Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 22.40% over the past 6 months, a -70.59% in annual growth rate that is considerably lower than the industry average of 18.40%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Snap Inc will fall -64.30%, while the growth in revenue is estimated to hit -500.00% for the next quarter. Year-over-year growth is forecast to reach 0.10% up from the last financial year.
Consensus estimates given by 29 financial analysts project the company’s revenue in the current quarter to hit an average of $1.36 billion. 20 analysts are of the opinion that Snap Inc’s revenue for the quarter ending Mar 2024 will be $1.1 billion. The company’s revenue for the corresponding quarters a year ago was $1.3 billion and $1.01 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 4.70%. The estimates for the next quarter sales put growth at 8.70%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 21.35%. The 2023 estimates are for Snap Inc earnings to increase by 4.08%, but the outlook for the next 5-year period is at 26.85% per year.
Snap Inc is expected to release its next quarterly earnings report between January 29 and February 02.
Snap Inc (NYSE:SNAP)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 9.28% of Snap Inc shares while 50.85% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 56.05%. There are 50.85% institutions holding the Snap Inc stock share, with FMR, LLC the top institutional holder. As of Jun 29, 2023, the company held 11.50% of the shares, roughly 157.36 million SNAP shares worth $1.86 billion.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 6.61% or 90.46 million shares worth $1.07 billion as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jul 30, 2023 were Fidelity Blue Chip Growth Fund and Vanguard Total Stock Market Index Fund. With 71.66 million shares estimated at $814.06 million under it, the former controlled 5.24% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.31% of the shares, roughly 31.59 million shares worth around $374.05 million.