Snap (NYSE:SNAP) stock closed 3.32% lower at $8.16 on Friday, September 19, after six straight sessions of gains.
The Snapchat-parent had disclosed four insider sell transactions yesterday post market close. The transactions include CFO Andersen Derek selling 33,871 class A shares in multiple transactions at a weighted average price per share of $7.56.
Chief Accounting Officer Rebecca Morrow sold class A shares worth $18.90K, while Chief Business Officer Ajit Mohan sold shares worth $208.54K.
Snap faces an inquiry from the U.S. Federal Trade Commission concerning the potentially negative impacts of AI chatbots on children and teens.
The FTC had issued orders to seven companies, including Snap, seeking information on how these firms measure, test, and monitor the potential negative impacts.
Nonetheless, the stock had been on a winning streak. The Santa Monica, CA-based technology company added 18.33% over the course of the last six trading days, with a 3.40% gain logged on the day of the FTC probe announcement.
Another notable rise was recorded on Thursday, September 18. The stock closed the day 5.63% higher at $8.44.
SNAP has lost ~24% year-to-date.
Seeking Alpha authors grade the stock as Buy. However, the sell-side analysts as well as the Quant Rating system see SNAP as Hold.