IPOS - Reddit Options Buying Leaning Toward Bullish Sentiments On Wall Street | Benzinga
Reddit Inc (NYSE:RDDT), the social media platform that sparked a market frenzy with its initial public offering (IPO), is now witnessing a surge in bullish options activity.
According to recent reports and discussions on online forums like r/stocks and r/wallstreetbets, shares of Reddit skyrocketed by 48% on the NYSE following its debut last week.
This is despite the company’s history of posting no annual profit since its inception in 2005.
As of Monday, March 25, Reddit’s stock continued its upward trajectory, climbing as much as 16%, with trading volume indicating significant interest from investors. Options trading on Reddit saw a flurry of activity, with approximately 39,000 contracts exchanged by early afternoon, suggesting a strong appetite for speculation.
Related: Reddit Stock Is Rising Monday: What’s Going On?