It’s one of the internet’s top spots for meme-powered stock tips and anonymous hot takes. But does Reddit belong in your portfolio?
The question has divided fans of the notoriously rambunctious platform, where some super users were invited to invest along with insiders at the IPO price of $34, before the general public had access. They watched Reddit surge 48% to $50.44 in its trading debut.
The highly anticipated IPO comes as risk-on sentiment is creating a sense of FOMO in the markets more broadly, with stock prices soaring and cryptocurrencies hitting records. While Reddit shares jumped Thursday, financial advisers said retail investors should think twice before buying in.
“What people really need to think about when they’re investing in an IPO — or in one company — is how much can they afford to lose?” said Kristin McKenna, president of Darrow Wealth Management in Needham, Massachusetts, who specializes in stock options and helping people plan for IPOs. “Because at a certain point it does kind of become gambling.”
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