Shares of Reddit and Robinhood rose sharply on Monday as social media-fueled retail trading appeared to be making a comeback.
Reddit rose more than 9%, hitting its highest level since March. Retail brokerage stock Robinhood climbed 8%, cutting some of its losses from last week.
Shares of Reddit rose sharply on Monday.
The moves came as GameStop soared 80% following the apparent return of “Roaring Kitty,” aka Keith Gill, the retail trader who was at the center of the meme stock phenomenon in 2021. Gill made a post on his previously dormant X account on Sunday.
Both Reddit and Robinhood could theoretically benefit from a return of the retail trading frenzy. Reddit’s WallStreetBets chatroom was highly active during that period, and increased retail trading could boost revenue at Robinhood.
Neither stock was public during the peak of the 2021 meme stock rally, however. Robinhood had its initial public offering in July 2021, while Reddit went public in March of this year.
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