Shares of Snap Inc (SNAP) soared over 8% yesterday, while marking their second consecutive session of gains, as filings presented the first definitive snapshot of the institutional investors who acquired a stake in the company, when the latter went public at the beginning of March.
Snap shares registered their largest daily surge since March 3rd during Mondays trading session. The stock went up 8.36% ($1.60) to $20.74, after touching an intraday high at $20.94, or a price level not seen since May 10th ($23.32). In the week ended on May 14th the shares of the social media company lost 17.46% of their market value compared to a week ago, which marked the first drop in the past four weeks and also the worst performance since the week ended on March 12th. The stock has pared its loss to 8.03% so far during the current month, following a mere 0.09% gain in April.
According to the SEC filings, Coatue Management LLC, a hedge fund with a focus on the tech segment, acquired an almost 21 million-share stake in Snap Inc in March.
At the same time, Soros Fund Management, acquired a stake of almost 1.7 million shares in the social media company during the period.
Goldman Sachs Group Inc, the lead underwriter on Snap Incs IPO, purchased 1.1 million shares in the recently listed company, while also holding call and put options on 1.6 million shares.
On the other hand, activist hedge fund Jana Partners LLC acquired a 550 000-share stake in Snap Inc.
Snaps IPO was regarded as being the hottest since 2012, when Facebook went public. According to data by Thomson Reuters, the stock is valued at 44 times Snap Incs expected sales for the 12 months ahead. Facebooks stock, in comparison, is valued at 14 times the companys expected sales.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Snap Inc’s stock price, have a median target of $24.00, with a high estimate of $31.00 and a low estimate of $10.00. The median estimate is a 15.72% surge compared to the closing price of $20.74 on May 15th.
The same media also reported that 18 out of 36 surveyed investment analysts had rated Snap Inc’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 4 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Snap stock are presented as follows:
R1 – $20.87
R2 – $21.01
R3 (Range Resistance – Sell) – $21.14
R4 (Long Breakout) – $21.54
R5 (Breakout Target 1) – $22.01
R6 (Breakout Target 2) – $22.29
S1 – $20.61
S2 – $20.47
S3 (Range Support – Buy) – $20.34
S4 (Short Breakout) – $19.94
S5 (Breakout Target 1) – $19.47
S6 (Breakout Target 2) – $19.19
By using the traditional method of calculation, the weekly levels of importance for Snap Inc (SNAP) are presented as follows:
Central Pivot Point – $20.10
R1 – $22.61
R2 – $26.08
R3 – $28.59
R4 – $31.10
S1 – $16.63
S2 – $14.12
S3 – $10.65
S4 – $7.18