Reddit's debut increases share price by 55% - would you invest?
Reddit, everyone's favourite online forum (besides the moo community ), opened on the NYSE yesterday for public trading. The company's share price shot up as high as 55%, ending the trading day 48% higher than open.
$Reddit(RDDT.US$ was priced at $34 in the IPO, which was the top of the company's indicated price range, and ended the day at $50.44.
While Reddit hasn't raked in annual profit since 2005, they do have a loyal user base - with their filed daily active users at an average of 73.1 million.
Reuters reports that Reddit positioned it's content in their IPO as a training grounds for artificial intelligence programs. Additionally, Reddit has also signed a data licensing deal with Google worth about $60 million a year.
What do you think, will this be another meme stock - or this there growth for the company?
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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mr_cashcow : Glad my Reddit posts & comments are being put to good use to train AI
gbsurfer : Is this stock good in the long run?
Skoljil : reddit is a very good platform!
Kakakala12 : I would suggest that you can wait and see unless you are very confident that the freshmen are unknown.
assailed : What a hot potato.