Reddit debuts on NYSE, stock pops above IPO price of $34

Reddit (RDDT) has commenced trading on the New York Stock Exchange on Thursday afternoon, its stock debuting at $47 ahead of its IPO price of $34 per share. The social media company's stock is popping off in a bullish debut, soaring to an intraday high of $57.

Yahoo Finance's Jared Blikre breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

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JULIE HYMAN: There's one stock, in particular, that Jared Blikre is watching at the New York Stock Exchange today.

JARED BLIKRE: That is right, Julie. I'll tell you what. Dow 40,000 plus a unicorn in one day Reddit IPO.

It just traded for the first time only a couple of hours ago. Pretty late in the day. And let's take a look at the intraday price range on the Wi-Fi interactive.

It did IPO at $34 last night. And today, it hit a high of $57.80. And let's take a look at the intraday price action.

There we go. Sometime after 1:00 PM, finally got liftoff, finally got that first trade of the day. And from there, well, we've headed down a little bit. I would like to remind people that most IPOs undercut their first day of trading sometime within the first year to something like 95%, 96% of the time.

So very often, do these things come down before they go back up? So there's no rush to get in. But I was looking at the performance of some of the other social media ETFs.

Really interesting to see. I mean, it was only 2012 that we had, what was it the face plant IPO? That was a disaster down at the dealer network. And that kind of skewed a lot of I think social media players away from the New York Stock Exchange for a while.

But we see them coming back here in full force with the likes of Reddit today. And I will say there were some concerns over the 1.76 million shares that are being offered directly to the market without the possibility of a lockup. It doesn't seem to be affecting the price action today. And just looking one more time, Reddit up about 42.5%, guys.