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J.P. Morgan Sticks to Their Sell Rating for Snap (SNAP)

Tipranks - Tipranks - Wed Aug 5, 8:54AM CDT

J.P. Morgan analyst Doug Anmuth maintained a Sell rating on Snap today and set a price target of $6.00.

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Anmuth covers the Communication Services sector, focusing on stocks such as Netflix, Meta Platforms, and Spotify. According to TipRanks, Anmuth has an average return of 10.5% and a 57.72% success rate on recommended stocks.

Snap has an analyst consensus of Hold, with a price target consensus of $7.50.

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Based on Snap’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.6 billion and a GAAP net loss of $163.96 million. In comparison, last year the company earned a revenue of $1.34 billion and had a GAAP net loss of $262.57 million

Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNAP in relation to earlier this year. Last month, Ajit Mohan, the CBO of SNAP sold 24,263.00 shares for a total of $114,278.73.

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