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The news aggregator and social forum operator reported fantastic results in the third quarter of 2024, lighting a fire under the stock. Share prices rose as much as 43.1% on the news, settling ...
Reddit stock soared on its first day of trading, ending the day up nearly 50% from its initial public offering price of $34 a share.The stock closed at $50.44 on Thursday, up 48% from the IPO ...
Reddit stock soared more than 40% to a record high of $117 on Wednesday after the newly public social media company reaped its first-ever post-IPO profit.
The jump pushed the stock up at $63.64, within striking distance of the record closing price of $65.11 hit in late-March, putting the company on track to add $1.2 billion to its market capitalization.
The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way.
Reddit's initial public offering opened on March 20, 2024, at $34 per share and a $6.4 billion valuation. [83] They went public the next day on the New York Stock Exchange at $47 per share and rose to $50.44 at market close on their first day of trading, reaching a market cap of $9.5 billion. [84]
The Dow Jones Industrial Average jumped by almost 500 points, and the S&P 500, while the Nasdaq traded nearly flat as several mega-cap tech names struggled throughout the day.
The S&P 500 and the Nasdaq jumped to a fresh record high on Thursday after the Fed delivered a 25 basis point rate cut.