Reddit stock gains 48% on first day of trading
Ines Ferré
Ines Ferré·Senior Business Reporter
Updated Thu, Mar 21, 2024, 3:05 PM CDT3 min read
Reddit (RDDT) shares gained 48% on their first day of trading. The stock closed at $50.44 after the social media platform priced its initial public offering at $34 per share.
Shares opened at $47 each and soared roughly 60% to trade above $53 in the first minutes of trading as a public company during Thursday's session.
The company's debut on the New York Stock Exchange had been highly anticipated, given the lull in public listings over the past two years. Reddit is the first major social media company to go public since Pinterest (PINS) in 2019.
https://finance.yahoo.com/news/reddit-stock-gains-48-on-first-day-of-trading-172445573.html