Reddit’s Shares Dip a Day After Strong NYSE Debut

Social media platform Reddit’s shares ticked down 2.6% before the bell on Friday, a day after it notched a 48% gain in its debut on the New York Stock Exchange.

The company’s share sale was closely watched for more clues about investor interest in new share issues following a prolonged freeze in the market. Trading in the stock over the next few weeks could determine the IPO plans of other loss-making tech startups, analysts have said.

Although the company has yet to post an annual profit since its launch in 2005, Reddit still got a warm reception from investors on Thursday and achieved a valuation of $9.52 billion at the end of the trading session.

Read the source article at Nasdaq