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After a massive surge on Tuesday, Reddit stock continued its upward momentum in the early hours of trading on Wednesday. The RDDT stock surged up over 11% to hit an intraday high of $136.47.
Reddit shares rose more than 10% on Tuesday, reversing a three-day slump that coincided with a broader decline among technology companies. The company's stock market upswing was likely bolstered by a Loop Capital analyst note published Tuesday that reiterated a buy rating and characterized the company's shares as "extremely attractive.
Investors in Reddit (RDDT 11.34%) stock are having a terrific Tuesday, as shares rise 10.7% through 11:10 a.m. ET.
Reddit stock price has crashed in the past few months. RDDT shares have crashed from the all-time high of $230 in February to a low of $107.30, its lowest level since October last year.
Reddit on Thursday launched new tools aimed at helping people adhere to community rules and better understand content performance, in a bid to revive user growth after a recent slowdown.
Content aggregator Digg is making a comeback with the help of an unlikely partner: Reddit co-founder and rival Alexis Ohanian. Ohanian and Digg founder Kevin Rose acquired the platform for an undisclosed sum.
Many investors might be wary of buying the hottest growth stocks as the market hovers just a few percentage points below its all-time highs. The threats of higher tariffs, rising inflation, and elevated interest rates could also cap their near-term gains.
Digg founder Kevin Rose has teamed up with former rival Alexis Ohanian to buy the once-popular content aggregator as they bet on an artificial intelligence-powered revival of the platform that once drew around 40 million monthly visitors.
Shares of Reddit (RDDT 0.41%) were among the losers on the stock market last month after better-than-expected results weren't enough to keep the company's blistering momentum going.
Frank McCourt announced on Monday that Alexis Ohanian, the co-founder of Reddit and a venture capitalist, has joined his bid to acquire TikTok's U.S. operations as a strategic adviser specializing in social media.