Snap has finally caught a bid.
Snap Inc. (SNAP) shares were climbing Monday up as much as 2.4% to levels last seen in late April, before paring gains to trade close to flat later in the afternoon.
Shares finished the session up slightly at $14.05.
The rally for Snap stock, which has slumped nearly 19% in the last year, came as CEO Evan Spiegel gave a rare television interview to CNBC at the Cannes Lions Festival.
While Spiegel was reluctant to give much in the way of detail, he said his company was open to pursuing inorganic growth opportunities.
"We've made great acquisitions in the past and some fantastic teams have joined us so I wouldn't rule it out," Spiegel said when asked if Snap would consider M&A.
Spiegel also noted that Snap, which he co-founded in 2011, was "definitely a technology company."
When pressed on recent criticism of Snap's Snapchat redesign earlier this year, Spiegel said he had an idea such a reaction would come to fruition. His wife, supermodel Miranda Kerr, reportedly asked him "What are you doing?" in response to the app's overhaul. "I thought it would be a little choppy," Spiegel said.
The redesign earned the condemnation of makeup mogul and reality television star Kylie Jenner in February. The subsequent stock decline racked up $163 million in paper profits for those short Snap's stock.
Snap, which began trading publicly in March 2017, has moved into the green in 13 of the last 14 sessions. Shares are higher more than 30% in the last month.
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