business

Snap Jumps as Citron Says Shorts Have Overstayed Welcome

Snap Inc. rose more than 7 percent on an intraday basis Thursday, its biggest move since late February. In a tweet, Citron Research put a 12-month target price of $17 on the owner of the Snapchat photo-messaging app “to spook shorts who have overstayed their welcome.” The shares added to earlier gains stemming from a Pew Research Center report that said the platform was now more popular than rival Facebook Inc. with U.S. teenagers. The company’s relative strength index indicates that the stock is neither overbought nor oversold.

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