Snap shares have spiked 16% over the last four trading sessions.
Shares tanked during the month of May as short interest rose, providing the perfect “backdrop” for positive momentum on any bullish sentiment, USAA Senior Equity Analyst Jason Lincoln told Business Insider.
M&A speculation isn’t hurting the stock either.
Watch Snap trade in real time here.
Snap, one of the most bewildered tech stocks, has rallied sharply over the past few days, amid speculation it’s a potential takeover target.
The recent bounce has been welcome news for Snap shareholders who have come under a barrage of pressure from short sellers. Short interest has risen considerably since Snap went public in March of 2017, and the company is one of the most shorted companies in the entire US application software sector. As of Friday short interest sat at $1.35 billion, or 21.3% of the float, according to data from financial analytics firm S3 Partners. See the rest of the story at Business Insider
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