Groupon gained as much as 13 percent Monday following a weekend report that the company is seeking a buyer.

Shares opened at $4.81 after closing Friday at $4.36. The stock at its peak was on track for its best day since February 2017, but quickly pared gains. Shares fell below $4.70 within the first half hour of trading.

Recode reported Saturday that the company, which pioneered local online deals, is considering a sale. Alibaba, which took a nearly 6 percent stake in the the company in 2016, could step in as a buyer, as could IAC, whose CEO Joey Levin is a Groupon board member, the tech news site reports.

Groupon is down roughly 9 percent in 2018 and more than 20 percent off its 52-week high of $5.99.