Snap hits highest since bleak August report

** Shares of social media firm Snap SNAP.N climb 9.6% to $8.95

** Stock hits highest since early August, when company reported its slowest quarterly revenue growth in more than a year

** The move could be driven by the uncertainty surrounding SNAP's rival TikTok, Gimme Credit analyst Stu Novick says

** TikTok's future is hanging in balance as Washington and Beijing look to clinch a deal that would allow it to keep operating in the U.S.

** "Snap could be under pressure from competitors. It must continue spending on innovation to compete with larger social media platforms such as TikTok," Novick says

** SNAP is the eighth-most discussed stock on retail trading forum Stocktwits.com

** Message sentiment on the stock is "extremely bullish", according to the platform

** YTD, SNAP shares down 24% as of last close