Snap Inc SNAP shares spiked about 4 percent Monday on rumors of positive Daily Active User (DAU) data from Socialbakers, but a representative from the social media monitoring company told Benzinga the firm doesn't currently cover Snap.
"We are not currently tracking Snapchat within Socialbakers Analytics and have never released a report making any claims about its user numbers," Global PR Director Claire Wilson said.
The rumor's source alleged that Snapchat's DAUs reaccelerated throughout the first two weeks of March to a rate-of-change last seen in August.
The circulating report also suggested a “small boutique” initiated a Buy rating on Snap's stock; Moness Crespi Hardt started coverage of Snap with a Buy rating and $25 price target.
Shares were trading up 3 percent around $20.16 at time of publication.
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