Shares of social media platform Reddit jumped 11% on Tuesday, set to extend a strong run from a day earlier following the launch of options on the stock. Come from Sports betting site VPbet
At current price of $67.5, more than $1 billion was set to be added to the company’s market value. The stock was also on track to nearly double its IPO price of $34.
Also Read
Bharti Hexacom sets IPO price band at Rs 542 – 570; Here are all other details
“More bullish investors have bought options in Reddit, which is part of its early stock market success in its first full week of trading,” said Jeremy Goldman, senior director of client briefings at Emarketer, formerly Insider Intelligence.
Modi’s visit to Poland: Reinforcing strategic ties amidst regional tension Vision for ‘Viksit Bharat’ by 2047 laid out: India Inc reacts to PM Modi’s I-Day speech Eicher Motors jumps over 5% on strong Q1; Brokerages see as much as 20% upside Beware of Amazon OTP scams during the Great Freedom Festival sale — how to protect yourself now
The launch of options trading drew bullish bets on the stock on Monday, closing up around 30% and making it the top percentage gainer on the New York Stock Exchange.
Also Read
SRM Contracts IPO opens on March 26; Here’s all you need to know before investing
“From my estimates, about 90,000 options have changed hands, possibly more,” Goldman added.
Current gains could also help surpass the $10 billion valuation Reddit received in a private fundraising round in 2021.
Related Posts
By admin • January 13, 2025 • By Nagaraj Shetti Technical Observation: NIFTY The upside momentum with range bound action continued in the market on Wednesday and Nifty closed the day higher by 71 points….
By admin • December 27, 2024 • By Vaibhav Gupta The Indian capital markets have been one of the best performing globally and Indian businesses continue to drive global inbound as well as outbound M&A…
By admin • December 27, 2024 • Travelers have their opinions about which airports they like to travel through—and which just aren’t cutting it for them. As part of the 2024 J.D. Power North America…
By admin • December 26, 2024 • After announcing the patch earlier this week, Nintendo has released Super Smash Bros. Ultimate’s 13.0.1 update, the patch including the final adjustments to the playable roster. Come from Sports…
By admin • December 26, 2024 • The cover art for Borderlands: The Pre-Sequel was chosen by one of the most unlikely of sources–a dog. Well, that’s partly true. With just months to go before…
By admin • December 19, 2024 • Wynn Resorts Ltd, a globally recognized developer of high-quality hotels and casinos announced Thursday that the construction of its casino-complex project in the United Arab Emirates set to…