- Snap is spiking Wednesday, up more than 6%.
- The stock is on track to end its six-day losing streak, during which it lost 20%.
- Wednesday's spike comes almost a full day after encouraging news about Snap app download growth.
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Snap is on track to end its 6-day skid (SNAP)
Snap's 6% increase Wednesday is currently unexplained, and comes well after some encouraging news.
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Snap shares are spiking Wednesday, up 6% at $17.30 a share.
The spike comes as shares look to end their six-day losing streak, during which they lost 20%. Heavy selling on Tuesday pushed shares below their initial public offering price of $17 for the first time since the company's blockbuster earnings report on February 6.
Wednesday's spike comes almost a full 24 hours after TechCrunch reported, citing Sensor Tower data, that first-time downloads of the photo-sharing app increased 71% in the week following the Snapchat app redesign. Downloads were up 41% one week before the redesign.
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The data is notable as the redesigned app has received serious backlash from users.
Jenner has notably started using Snapchat again.
Snap is up nearly 16% this year.
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