Sometimes, it pays to be the other guy.
In what Bloomberg noted as a case of mistaken identity, in the wake of an IPO filing by Snap Inc., valued at $3 billion, shares in namesake SNAP Interactive soared 164 percent to a market cap of $69 million.
That latter firm makes dating applications. The much bigger Snap, of course, the one that just filed for listing, makes the Snapchat photo-sharing technology.
The case of mistaken stock trading sent SNAP Interactive shares up stratospherically in four of the past five sessions, with trading leaping to a 10,000-share volume, when it had been on average 1,000 shares. There’s been little news from the small company to merit any activity on this level, said Bloomberg.
In other notable name-mixup rallies, said the newswire, Tweeter shares lurched upward by 685 percent upon Twitter’s 2013 IPO.