Reddit set to break nine-session losing streak
RDDT•Reddit shares rose 3.7% to $94.34, putting the stock on track to end a nine-session losing streak. Shares had plunged about 29% on October 30 after the company reported third-quarter results.
1. Shares rebound
Reddit shares rose 3.7% to $94.34, after logging losses in each session from October 21 through November 2. The stock fell about 29% on October 30, its biggest single-day drop, after Reddit reported third-quarter results.
2. Analyst ratings
Of 34 brokerages, 17 rate the stock buy or higher, 16 rate it hold and one rates it sell; their median price target is $150. Reddit said it is starting to test ad placements in search. As of the previous close, the stock was down about 60% for the year.
