Reddit Rises 7% as Alphabet and Snap Rallies Lift Social-Media Stocks

Jerry Kronenberg wrote a column · Apr 27, 2024 04:22

$Reddit (RDDT.US)$ rose some 7% Friday, continuing to bounce off of a recent post-IPO low as social-media stocks generally rallied.

RDDT gained 7.02% to close at $45.43 despite no news announcements from the company.

However, social-media stocks generally rose in the wake of a strong showing for Google and YouTube parent $Alphabet-A (GOOGL.US)$, which soared 10.2% following well-received quarterly earnings and news of its first-ever dividend payout.

Fellow social-media firm $Snap Inc (SNAP.US)$ also rallied 27.5% after releasing well-regarded quarterly results.

Reddit's Friday rally Friday reversed a recent slide that saw the stock fall 50.1% between a $74.90 post-IPO intraday high on March 26 and a $37.35 intraday low on April 18.

All in, RDDT ended the week 33.6% above the $34-a-share that its initial public offering priced at before the stock started trading on March 22.

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Jerry Kronenberg

Director of Financial Content

Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.

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