Reddit on Tuesday notched its second-highest close since its IPO in March after retail traders kicked off a meme stock frenzy on Monday.Redditin March. The rally began Monday when"Roaring Kitty," aka Keith Gill, the man who inspired meme stock mania in 2021, resurfaced online, sending shares ofon X that showed a video gamer sitting forward on a chair. The photo is often used by gamers to signal they're taking the task seriously.
The photo and a series of other cryptic posts were enough to lift GameStop and AMC by more than 100% in the past two trading sessions. Other stocks that have been bunched in with the meme group rose, including "It looks like retail investors are becoming more bullish again and willing to take on more risk," Neil Wilson, chief market analyst at Finalto, said in a note."There is no fundamental reason for the move as such - GME's last earnings report was abysmal."Monday that he didn't see any fundamental reason for Reddit's rally. Still, he said an increase in user activity would help boost the company's advertising business.
"At the end of the day, more users means more impressions, which means there are more ads for them to sell," Boone said. Reddit, founded 19 years ago, debuted on the New York Stock Exchange on March 21, at $34 a share and ran up as high as $65.11 on March 26. The stock then started selling off, falling as low as $39.17 in April, before getting a boost from Reddit's better-than-expected
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