@CharlesSchwab's own Ben Watson joins our new Morning Movers show to break down his chart of the day: Reddit (RDDT). The company got a downgrade from Roth MKM this morning.
Reddit shares rose over 7% to a record high Tuesday after Raymond James analysts raised their price target and reiterated their "strong buy" rating. The social media company's shares reached $191 on Tuesday during midday trading, topping a previous high of $182 on Jan. 6.
RDDT stock is driven by strong AI innovations, enhanced advertising and increased user engagement positioning the stock for continued upward momentum in 2025.
In the latest trading session, Reddit Inc. (RDDT) closed at $164.82, marking a +0.1% move from the previous day.
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Reddit (RDDT -1.45%) is one of the fastest-growing social media companies.
Reddit (RDDT -1.45%) has developed a new revenue stream thanks to artificial intelligence.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.
Several positive analyst moves added up to a tailwind, pushing Reddit's (RDDT 7.13%) share price up notably in the final month of 2024. December saw the social media company's already hot stock rise by more than 16%, bolstering its status as one of the best-performing titles of the year.
Reddit Inc. RDDT has been riding a wave of optimism, with its stock surging over 125% in the past six months. While a modest 10% dip over the last month suggests some cooling, the bullish technical and fundamental indicators are hard to ignore.
In the closing of the recent trading day, Reddit Inc. (RDDT) stood at $165.91, denoting a +1.51% change from the preceding trading day.