Stock Track | Reddit Soars 5% as Ad Growth, AI Developments Drive Stock Higher

Stock Track01-30

Reddit Inc. (RDDT) stock surged over 5% on Wednesday in intraday trading, as investors cheered the social media company's strong revenue growth prospects and potential benefits from AI advancements.

Driving the rally was an upgrade from investment bank Jefferies, which raised its price target on Reddit shares to $230 from $215. Jefferies cited expectations of robust fourth-quarter revenue growth for the company, primarily fueled by a surge in advertising revenue on its online message boards.

Reddit's business model revolves around advertising, and the company has been actively enhancing its ad capabilities. In a significant move, Reddit recently added a new "Ad import" feature that allows marketers to seamlessly replicate campaigns from platforms like Meta's Facebook and Instagram on Reddit's platform. This integration could drive more ad spend towards Reddit and accelerate its revenue growth.

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