Reddit (NYSE:RDDT) stock is a global social media company founded in 2005, that provides an online platform for people to discuss various topics. RDDT stock went public recently at a share price of $47, which increased by 30% to $59.8 just last Monday.
Reddit’s IPO is a move to allow a company to raise capital, and invest for further expansion. Although the company’s unique customized platform attracts more user engagement, there are still some drawbacks in its financial performance and it doesn’t have solid revenue streams compared to other competitors. I believe its stock should be a hold for now.
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