NEW YORK (Reuters) – Fidelity Investments and technology-focused hedge fund Coatue Management LLC boosted their stakes in social media company Snap Inc during the third quarter, despite Snap’s disappointing results, regulatory filings showed on Tuesday.
Companies controlled by Fidelity held 11 million more Snap shares than during the prior quarter, while Coatue increased its stake by 1.7 million shares. Fidelity is the company’s sixth-largest shareholder, while Coatue is the seventh largest, according to Thomson Reuters data.
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Coatue and Snap declined to comment. Fidelity did not immediately respond to requests for comment.
The Venice, California-based maker of messaging app Snapchat debuted on the stock market in a March public offering that was the hottest of any tech stock in years.
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But its earnings reports have underwhelmed Wall Street, including results earlier this month that showed revenue and user growth for the third...
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