Snap bounces back as big-name funds reveal they own stock

Snap shares soared Monday as♓ big money names disclosed investmentsꦆ in the disappearing-photo app.

Stock in the parent company behind Snapchat jumped as much as 9 percent to $20.92 in midday trades as hedge funds and big asset managers filed their first quarter holdings with the Securities and Excha൩nge Commission late Friday and into Monday.

Among the big-name holders of Snap as of Marꦚch 30 were Philipp⭕e Laffont’s Coatue Management, Dan Loeb’s Third Point and David Tepper’s Appaloosa. As quarterly filings are released 45 days after the quarter’s close, it is possible that the hedgies shed shares since then.

Still, the listing of famiཧliar and well-heeled names that believed in the power of disappearing selfies adorned with puppy ears and rainbow vomit cause📖d a much-needed resurgence in the stock.

Snap shares plunged as much as 23.5 percent last week to just above its IPO price of $17 a share after the company reported aꦗ wider-than-expected loss of $2.2 billion in the fi𒁃rst quarter.

“We are running the company for the long term and won’t be shortsighted about profits to𒁃 ma꧒ke a quarter,” Chief Financial Officer Andrew Vollero said last week on a call with analysts.

But investors weren’t lulled by Vollero’s words.

In fact, while some traders sold shares, others pla🔯ce✤d bets that the stock would fall even further.

The number of investors shorting Snap increased by 2.2 percent last week, according to data provided by S3 Partners. Nearly 17 percent o🧸f Snap’𒅌s shares are now held by people betting against the company.