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Reddit, Inc. (NYSE:RDDT) shares are trading higher Monday. The company reportedly announced a new partnership program with several major sports leagues.
The Details:
Reddit said the new partnerships with the NFL, NBA, MLB, PGA Tour, and NASCAR will allow fans access to video highlights from games and tournaments, player AMAs, behind-the-scenes videos, and more special content on Reddit's platform. Reddit said the partnerships will also benefit advertisers by allowing them to align with the expanded fan content on Reddit.
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Reddit's stock has risen more than 45% since its March 2024 IPO and recently marked an all-time high of $78.08.
When trying to assess whether or not Reddit will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $65.47 on Reddit. The Street high target is currently at $84 and the Street low target is $45. Of all the analysts covering Reddit, 12 have positive ratings, 4 have neutral ratings and one has a negative rating.
In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Reddit have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Reddit is 32.97% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Reddit, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
RDDT Price Action: According to Benzinga Pro, Reddit shares are up 6.53% at $68.93 at the time of publication Monday.
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