A bunch of people bought shares in a company that they thought was Snapchat

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Oh, Snap (Interactive).

In what is almost surely a case of mistaken identity, investors sent shares in a little known startup called SNAP Interactive Inc., ticker STVI, surging 164 percent in the four days since Snap Inc. filed for a $3 billion initial public offering. The $69 million SNAP Interactive makes mobile dating apps, while the IPO aspirant is the parent of the popular Snapchat photo-sharing app.

Image: Bloomberg

Volume in New York-based SNAP Interactive starting rising in late January amid reports that Snap’s IPO filing was imminent. The microcap’s shares took off when Venice, California-based Snap made it official on Feb. 2, and they’ve rallied four of the five trading sessions since. More than 10,000 shares of the company traded on Wednesday, almost 10 times the average daily volume in January. Read more…

More about Business, Stocks, and Snapchat

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