04:32 PM EDT, 03/21/2024 (MT Newswires) -- Reddit ( RDDT ) shares surged in their trading debut on Wall Street Thursday after the social media site known as the incubator of the meme-stock craze priced its initial public offering at the high end of the expected range.

The company closed 48% higher at $50.44 on Thursday.

Shares opened trade at $47 on the New York Stock Exchange, higher than the IPO price of $34 each. The IPO reflected the top end of an expected $31 to $34 range.

The shares jumped to an intraday high of $57.80, a 70% surge from the IPO price, and contributed to a splashy debut in what's been a lackluster IPO market in recent years.

Price: 47.8, Change: -2.64, Percent Change: -5.23