What's Going On With Reddit Stock?
Portfolio Pulse from Erica Kollmann
Reddit, Inc. (NYSE:RDDT) shares are trading higher due to a new partnership program with major sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR. This partnership will provide fans with exclusive content and benefit advertisers. Reddit's stock has risen over 45% since its March 2024 IPO and recently hit an all-time high of $78.08. Analysts have mixed ratings with an average 12-month price target of $65.47.
July 22, 2024 | 3:08 pm
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Reddit shares are up due to new partnerships with major sports leagues, providing exclusive content and benefits for advertisers. The stock has risen over 45% since its IPO and recently hit an all-time high. Analysts have mixed ratings with an average price target of $65.47.
The new partnerships with major sports leagues are likely to drive user engagement and attract advertisers, positively impacting Reddit's revenue and stock price. The stock's recent performance and analyst ratings suggest a mixed but generally positive outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100