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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![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
posts & comments are being put to good use to train AI![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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.