Snap Surges — Too Late for Many Hedge Funds

Few hedge funds were in position to greatly benefit from this year’s surge in Snap’s stock price.

(Michael Nagle/Bloomberg)

(Michael Nagle/Bloomberg)

What a difference a year makes when it comes to owning shares of Snap.

The Snapchat parent surged nearly 19 percent on Wednesday, to close above its IPO price of $1, after the company reported strong quarterly results. The stock closed at $17.61

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