Reddit Extends Gains, Reaching All-Time High

Reddit Extends Gains, Reaching All-Time High March 26, 2024, 11:33 a.m., readers: 1

Reddit (NYSE:RDDT) shares rose more than 15% intra-day today, reaching a new all-time high. Following a strong 30% climb on Monday, the social media platform maintained its momentum among investors since its initial public offering (IPO) on the New York Stock Exchange last week. The stock, initially priced at $34 during its IPO, concluded Monday's session at $59.80. Reddit's debut brought in roughly $750 million from the sale of shares by the company and its existing shareholders. On the day of its debut, the company’s shares experienced a 48% upsurge, rewarding its community of moderators and users—collectively known as Redditors—who participated in the IPO through a directed-share program, a strategy previously adopted by companies like Airbnb and Rivian.