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Another Company Called Snap Spiked 164% Because Investors Thought It Was Snapchat
February 9, 2017
Investors likely wanting a piece of Snap Inc.'s impending IPO sent shares of another company called Snap Interactive up as much as 164%. And the differences?
- Snap Inc. is the parent company of Snapchat and is seeking to raise $3 billion when it goes public at a possible $25 billion valuation in March.
- Snap Interactive is a lesser known video chat and online dating service provider.
- When Snap does eventually float its shares in the coming weeks, it will be under the ticker "SNAP" on the NYSE.
- Snap Interactive trades as "STVI."
This isn't the first time that eager investors have rushed to invest in what they thought was a hot IPO. Before Twitter's IPO, a company called Tweeter Home Entertainment (with the ticker "TWTRQ") surged as much as 1,500%.
