Is IPO Stock Reddit a Buy Now?
The highly anticipated debut of social media site Reddit (NYSE: RDDT) as a public company sent the stock skyrocketing to a 52-week high of $74.90 in March. The firm priced shares at $34 before going live on March 21.
IPO stocks are tricky investments for retail investors, who don't often get access to shares until they go public. That is, unless you're among the fortunate Reddit users, called Redditors, who were furnished with pre-IPO shares by the company as a thank you for helping its site grow.
Since reaching its high, Reddit's stock price returned to earth, trading around $43 at the time of this writing. Does this drop create a buy opportunity?
Source Fool.com
