Canaccord Genuity Issues Price Target With 7.32% Upside On Snap Chat

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Other equities research analysts have also issued research reports about the company.

Snap shares jumped 8.4 per cent to US$20.74, adding to gains Friday that have retraced about two-thirds of Thursday's earnings-related correction. The company now has an average rating of "Buy" and a consensus price target of $192.83. Aegis started coverage on Snap in a research report on Friday, March 3rd. Finally, Loop Capital reissued a hold rating and set a $21.00 target price on shares of Snap in a research report on Thursday, April 6th. Eight research analysts have rated the stock with a sell rating, seventeen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Snap presently has a consensus rating of Hold and a consensus target price of $21.93.

Trade volume Monday in the stock was 69.2 million, about three-and-a-half times the 30-day average of 19.5 million shares.

According to a Reuters report, Snap's 13F filings with the U.S. Securities and Exchange Commission shows Fidelity, the multi-trillion dollar operator of many mutual funds and other financial products, is the biggest shareholder and owns 33.4 million shares. The firm has a 50 day moving average price of $21.50 and a 200 day moving average price of $21.67.

It remains to be seen whether Levinsohn - who doesn't even consider Snap a social media platform - is right in predicting that Snap will turn its fortunes around in the future but the self-described "camera company" still has a lot to prove to the investors who fueled its $34.7 billion market capitalization following its initial public offering (IPO) in early March, though the thereof now amounts to approximately $22.5 billion.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 10th. Regardless, Snap should stay firm and not agree to lower rates based on its somewhat underwhelming performance in the first quarter of the year, the technology executive believes. Equities analysts expect that Snap will post ($0.54) earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: "Snap Inc (SNAP) Upgraded by Vetr Strong-Buy" was first reported by Sports Perspectives and is owned by of Sports Perspectives. If you are reading this report on another domain, it was stolen and republished in violation of global copyright law. The original version of this piece can be accessed at Institutional investors and hedge funds own 88.03% of the company's stock. Finally, Norges Bank bought a new position in shares of Snap-on during the fourth quarter valued at about $92,024,000. Meadow Creek Investment Management LLC owned 0.19% of Snap-on worth $18,486,000 at the end of the most recent quarter. Vanguard Group Inc. acquired a new position in shares of Snap during the first quarter valued at $152,135,000.