Jefferies has initiated coverage on Reddit (NYSE:RDDT), citing the platform's impressive user growth, particularly after integrating AI-driven enhancements and improving its platform speed. Analysts initiated coverage with a "Buy" rating and a $90 price target, which implies a 28% upside from the current price.
Reddit (RDDT) shares climbed Wednesday after analysts at Jefferies initiated coverage of the social media platform with a "buy" rating, citing its success within Google search results and its artificial intelligence (AI) use cases.
Jefferies estimates that Reddit's Ebitda will more than double in the next two years to around $450 million.
Reddit Inc (NYSE:RDDT) is 4.7% higher to trade at $74.09 after Jefferies initiated research coverage on the social media stock with a "buy" rating and a Street-high $90 price target.
Reddit stock gained in early trading Wednesday after Jefferies initiated coverage of the social media company at buy.
The latest trading day saw Reddit Inc. (RDDT) settling at $70.77, representing a +0.47% change from its previous close.
JP Morgan analyst Doug Anmuth maintained a Neutral rating on Reddit, Inc RDDT with a price target of $77, up from $59.
Across platforms like TikTok, YouTube and Reddit, financial influencers are promoting a new way to speculate in the stock market: derivatives-enhanced exchange-traded funds. Traders are sending $50 billion and counting across these kind of ETF strategies this year, with issuers saying they're meeting incessant demand for smart investing styles that were once solely the province of the financial elite.
The latest trading day saw Reddit Inc. (RDDT) settling at $65.97, representing a +0.08% change from its previous close.
RDDT stock is driven by robust user growth, expanding ad revenues and key partnerships, positioning it for continued success in the digital landscape.
You might use Reddit, but is it also worth a look for your portfolio?
Reddit Inc. (RDDT) concluded the recent trading session at $67.88, signifying a +1.37% move from its prior day's close.