- Snap is spiking Wednesday, up more than 6%.
- The stock is on track to end its six-day losing streak, during which it lost 20%.
- Wednesday's spike comes almost a full day after encouraging news about Snap app download growth.
ADVERTISEMENT
Snap is on track to end its 6-day skid (SNAP)
Snap's 6% increase Wednesday is currently unexplained, and comes well after some encouraging news.
ADVERTISEMENT
Recommended articles
Snap shares are spiking Wednesday, up 6% at $17.30 a share.
The spike comes as shares look to end their six-day losing streak, during which they lost 20%. Heavy selling on Tuesday pushed shares below their initial public offering price of $17 for the first time since the company's blockbuster earnings report on February 6.
Wednesday's spike comes almost a full 24 hours after TechCrunch reported, citing Sensor Tower data, that first-time downloads of the photo-sharing app increased 71% in the week following the Snapchat app redesign. Downloads were up 41% one week before the redesign.
ADVERTISEMENT
The data is notable as the redesigned app has received serious backlash from users.
Jenner has notably started using Snapchat again.
Snap is up nearly 16% this year.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Changes in the net worth of Africa's 10 richest men since January
France to back Morocco's power link to Western Sahara
Kenya’s Ruto backs Zimbabwe’s ZiG currency for economic prosperity
Here’s another reason Nigeria is losing billions of dollars annually
Top 10 African countries with the lowest fuel prices in April 2024
How SafeHamsters unlocks the potential of crypto betting| Insider Tips
A look into the diverse tax reforms being implemented across Africa
Dubai firm to lend South Sudan $12.9 billion in exchange for 20 years oil repayment
