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Snap rebound accelerates as big-name funds disclose stakes

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Snap Inc keeps clawing back losses from last week's 21 per cent swoon, welcome news to any of the institutional owners now detailing stakes in the messaging service - as long as they didn't bail in the downdraft.

[NEW YORK] Snap Inc keeps clawing back losses from last week's 21 per cent swoon, welcome news to any of the institutional owners now detailing stakes in the messaging service - as long as they didn't bail in the downdraft.

Fidelity Management & Research, New York-based hedge fund Coatue Management and Singapore state investment firm Temasek Holdings Pte were among those listing positions with the Securities and Exchange Commission in filings today. Some were started before Snap went public. Fidelity and Coatue each reportedly participated in pre-IPO funding rounds.

Snap shares jumped 8.4 per cent to US$20.74, adding to gains Friday that have retraced about two-thirds of Thursday's earnings-related correction.

Fidelity Management & Research disclosed a 33.2 million-share stake. The position makes it Snap's fifth-largest holder as of latest filings, according to Bloomberg data. T Rowe Price 28.3 million shares, making it the sixth-largest holder as of latest filings. The firm was also reportedly a pre-IPO investor Coatue Management disclosed a 21 million-share stake, seventh-largest holder as of latest filings.

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Temasek held 300,000 shares. Snap has 682.1 million shares outstanding (248.5 million-share float) as of April 30, according to Bloomberg data.

Snap shares plunged on May 10 after revenue missed estimates in its first quarterly report as a public company. Analysts gave kudos to archrival Facebook for stifling Snap's growth, while CEO Evan Spiegel scoffed at the competitive threat on the conference call.

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