Firms such as Fidelity Investments and Coatue Management LLC have increased their stakes in Snap Inc. (NYSE: SNAP) third quarter following the company’s disappointing results. Fidelity’s companies held 11 million more Snap shares than the quarter prior while Coatue raised their stake by 1.7 million shares.
In recent reports, Snap earnings have disappointed Wall Street with results earlier this month that showed revenue and user growth for the third quarter that were far below forecasts as the company struggled to compete with Instagram. Shares dropped 18% in the third quarter with an additional 14% since the end of September.
Other top shareholders include JP Morgan Chase & Co., OppenheimerFunds Inc., and Och-Ziff Capital Management Group LLC.