Reddit became synonymous with the meme stock rally of 2021. Now, its stock has become a meme itself.
Reddit stock (RDDT) popped more than 12% on Tuesday and has rallied more than 30% since its initial public offering last Thursday. Some reports have pegged an uptick in options volume to the recent surge in shares.
The meme resurgence spans beyond one popular IPO. GameStop (GME), the original meme stock, just had its best one-day rise in a year. The Donald Trump-tied media SPAC finally debuted under the name Trump Media and Technology Group and ticker symbol DJT. That stock was up more than 50% during Tuesday’s trading session alone.
“We are in a very exuberant market,” Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance. “We’re in a very momentum-driven market. One of the hallmarks of momentum is it becomes far less about fundamentals. It becomes all about price…
