The much-anticipated Reddit stock (NYSE:RDDT) IPO is now old news, with RDDT officially trading on the New York Stock Exchange on March 21. Under the ticker “RDDT,” shares debuted at $47, soaring to nearly $75 at their peak, marking a 120% increase from its initial $34 offering. At its zenith, Reddit’s market cap reached approximately $12.2 billion.
The social media platform’s path to success remains uncertain. Despite its popularity, the company has yet to achieve profitability, acknowledging future challenges in this regard. And as part and parcel of offering loyal users a piece of the IPO, potential downside from continued near-term selling pressure could hamper this stock, at least for now.
So, with that said, let’s dive into whether Reddit stock is a buy, sell or hold following its IPO.
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