Why did Snap (SNAP) stock skyrocket 12% today? Is SNAP the next breakout stock to buy in 2026 or just another short-term rally?

Snap stock skyrocketed 12% today. Shares jumped to about $4.53 in intraday trading. Volume crossed 88 million, far above average levels. This sharp SNAP stock surge came after activist firm Irenic Capital Management pushed for changes at Snap Inc.. Investors reacted fast. Markets priced in possible restructuring and better efficiency. The Communication Services sector rose just 2.53%, showing SNAP clearly outperformed. Analysts also point to undervaluation and a $7.97 price target.