March 26, 2024

A significant 15% intra-day boost has pushed Reddit (NYSE:RDDT) shares to a record high. The social networking platform has successfully sustained its momentum among stockholders following its initial public offering on the New York Stock Exchange in the previous week.

After an impressive 30% rise on Monday, the shares capped off at a striking $59.80 from an initial IPO price of $34. Reddit’s public debut generated roughly $750 million from shares sold by the company and its pre-existing shareholders. On its first trading day alone, Reddit shares soared 48% higher, bringing a rewarding return to its user and moderator community, popularly referred to as ‘Redditors’, who got in on the action through a directed-share program, a popular tactic previously used by companies including Airbnb and Rivian.