Soros Fund Management dissolved its entire stake in Snap in the third quarter. Meanwhile, JMP Securities on Wedsneday downgraded SNAP stock to "market perform" from "outperform," citing the potential impact on user growth from a looming Snapchat app redesign.
Snap shares have been extremely active of late, falling more than 14% in after-hours trading on Nov. 8 after it revealed a much steeper-than-expected third-quarter loss of 14 cents a share and cautioned there was a "strong likelihood that the redesign of our application will be disruptive to our business in the short term" after founder and CEO Evan Spiegel told investors the Snapchat messaging app was too difficult for new user to understand.
Soros, who made his fortune by famously shorting the pound in 1992, disclosed his Snap exit in a quarterly 13-F filing, which is required every three months by the SEC from funds valued at more than $100 million.
Longer term, the stock has shed more than 36% over the past six months, with a short-lived October rally quickly halted by the recently formed 120-day moving average.
Amid this weakness, the stock remains heavily shorted. While short interest has dropped slightly from its Oct. 15 record high of 121.13 million shares, nearly 10% of SNAP's float is sold short. The stock could suffer from additional selling pressure, though, with shorts firmly in control of Snap.
Soros Fund Management also reduced its stake in Twitter by 5,700 shares. It still holds 18,400 shares of the social media site.Facebook also fell out of favor with Soros. The investor dumped 367,262 shares of the social networking giant in the last quarter. Soros Fund Management still owns 109,451 Facebook shares.
But not all names in the technology sector were sold off. Soros upped his stake in Microsoft
The caspian week conference is a meeting point of visionaries, market leaders and experts with the f
The climate transition creates opportunities and risks, and financial institutions and corporations
Seit über 30 Jahren ist die ZfU International Business School Gastgeber für die angesehensten Inve
Over 150 Fintechs CEOs from all over the world will be in both panels & interviews and on this stage
From 2018 onwards, Switzerland’s financial fair will only be open to professional investors. This
Updates and news from MarketPlus