Snap is popping on Friday, up 3.48% at $US13.38. The gains are a continuation of Thursday’s advance that came following a report from Business Insider’s Alex Heath stating that Google was interested in buying Snap for at least $US30 billion last year.
The news has breathed some fresh life into Snap shares, which are now up about 6% since Heath’s report. Shares were mired in a downward spiral since shortly after the company’s March 1 initial public offering at $US17. They hit a high of $US27.09 on March 3 after opening for trading at $US24.
But, Wall Street began to sour on the stock, with Snap’s underwriters even growing downbeat on the name. And shares, pressed to a fresh low below $US12 on Thursday as traders continued to sell the name after 400 million shares more became eligible for trading on Monday as early investors were able to lock in their gains for the first time.
Snap is down 27% since its IPO.