Vetr Inc. Downgrades Snap Inc. (SNAP) to Buy

Snapchat has shown investors are choosing to focus on the warts over the potential

(NYSE:SNAP) from a hold rating to a sell rating in a report issued on Wednesday morning. Investors are concerned that the stock will fall further when insiders become able to trade millions of shares later this month, but Devitt writes that "investors' anticipation of the event could be more impactful to the stock than actual selling from the lock-up expiration".

Furthermore, Scott Devitt, lead analyst on the note, says he does not think Snap's user growth is decelerating as much as other analysts had feared.

Several of Snap's underwriters handed the stock "buy" ratings in March, although analysts not involved in the IPO had assigned it neutral or negative ratings. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap Inc. and related companies with our FREE daily email newsletter. Drexel Hamilton reiterated a buy rating and set a $30.00 target price on shares of Snap in a research report on Thursday, May 11th. The firm has "Buy" rating given on Monday, March 27 by Deutsche Bank. Finally, Goldman Sachs Group, Inc.

On Tuesday, the stock got crushed after Morgan Stanley, which led the company's IPO in March, cut its rating on the shares to neutral from buy and slashed its price target to $16, down from $28. The company now has a consensus rating of Hold and an average target price of $21.34.

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Snap (NYSE:SNAP) opened at 15.69 on Friday. Snap Chat has $31 highest and $10 lowest target. The stock's 50 day moving average is $19.18 and its 200 day moving average is $20.72. Snap also was the recipient of some unusual options trading on Tuesday. Stock traders acquired 57,414 put options on the stock. This represents an increase of 133% compared to the typical volume of 15,938 call options. Aegis Capital maintained Snap Inc (NYSE:SNAP) rating on Wednesday, June 21. The business had revenue of $149.60 million for the quarter, compared to analysts' expectations of $158.32 million. Snap's revenue for the quarter was up 285.6% on a year-over-year basis. BlackRock Inc. acquired a new position in shares of Snap during the first quarter worth approximately $211,934,000.

ILLEGAL ACTIVITY NOTICE: This story was published by BBNS and is the sole property of of BBNS. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of USA & global copyright legislation. The firm earned "Buy" rating on Sunday, July 9 by Oppenheimer.

Hedge funds have recently made changes to their positions in the stock. The correct version of this news story can be accessed at

Shares in the owner of Snapchat rose 2.62% to US$15.64 in U.S. pre-market trading after reaching a record low of US$15.21 yesterday on the back of a Morgan Stanley downgrade.

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