A slate of major Wall Street firms has begun coverage of Reddit — and some of them see the stock's gains moderating from here. The social media company, which made its stock market debut on March 21, popped 48% on its first day and closed at $50.44. As of Friday's close, Reddit has gained more than 24% from its initial offering price of $34 a share.
mountain RDDT stock chart Many major banks remain unconvinced JPMorgan's Anmuth is in good company. Goldman Sachs issued a neutral rating on Reddit, while Morgan Stanley initiated coverage with an equal weight rating. The three banks, along with Bank of America, were also the lead underwriters of Reddit's public offering.
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