Snap Inc. (NYSE: SNAP) shares are experiencing an uptick today following a significant legal development concerning its competitor, TikTok. On December 6th, a federal court upheld a U.S. ban on TikTok, rejecting an appeal by the Chinese-owned platform that claimed the ban was unconstitutional. This decision is seen as a potential boon for rival social media companies like Snap, as it could lead to a shift in user engagement and advertising dollars away from TikTok and towards platforms like Snapchat.
Additionally, Snap's stock may be benefiting from recent institutional interest. Holocene Advisors LP disclosed a new stake in Snap, acquiring 321,134 shares valued at approximately $3.4 million. This move, along with increased holdings by other institutional investors, suggests growing confidence in Snap's market position and future prospects.
Snap Inc.'s stock is currently trading at $12.52, marking a 2.83% increase from its previous close of $12.17 and a 1.17% rise from its opening price of $12.37.