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The Economic Times
The Economic Times

Reddit shares surge 14% on S&P 500 inclusion, replacing AvalonBay

Reddit United States AvalonBay AvalonBay Communities

Reddit shares surged more than 14% on Friday after S&P Dow Jones Indices said the social media company would join the benchmark S&P 500, replacing AvalonBay Communities, Reuters reported.

JP Morgan analysts estimated that index funds tracking the S&P 500 would need to buy 16.7 million Reddit shares. That is nearly three times the stock’s average daily trading volume of about 5.98 million shares since the company went public in March 2024, according to LSEG data.

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