US Stock Movement | Reddit (RDDT.US) Surges Over 13% at Opening After Being Included in the S&P 500 Index
On Friday, Reddit (RDDT.US) opened with a surge of over 13% and is currently trading at $180.85.
According to Jinse Finance APP, on Friday, Reddit (RDDT.US) surged over 13% at the open, currently trading at $180.85. In terms of news, Reddit will be added to the S&P 500 Index next week through a special non-routine adjustment. S&P Dow Jones Indices stated that Reddit will officially be included in the benchmark index before the opening on August 18. It will replace AvalonBay Communities (AVB.US), which is being acquired by another S&P 500 constituent, Equity Residential (EQR.US).
Analysts at JPMorgan estimate that index funds tracking the S&P 500 Index will need to purchase about 16.7 million shares of Reddit stock. Stephens analyst Melissa Roberts noted that, historically, companies newly added to the S&P 500 Index usually outperform the benchmark from announcement to the official inclusion, with the largest gains typically occurring on the day after the announcement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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