Shares of social media platform company Reddit Inc (NYSE:RDDT) have opened for trading well above the expected range the company was targeting.
What To Know: Reddit stock opened for trading on Thursday at $47 per share and immediately began moving higher. The company was initially targeting an IPO price between $31 and $34 per share before settling at $34 late Wednesday.
Several analysts were expecting the highly-anticipated IPO to get off to a hot start in public markets. Meridian Equity Partners’ Jonathan Corpina told Benzinga this week that the IPO was five times oversubscribed and predicted that Reddit users and retail traders would rush into the stock in early trading.
Deepwater Asset Management’s Gene Munster ...