Reddit Stock Jumps as Social Media Shares Climb

Shares of Reddit (RDDT) jumped Monday, outpacing different societal media companies' rising shares to commencement nan week.

Reddit, known mostly arsenic a level for lively communities of individual investors, was up astir 6% to $68.50 arsenic of 1 p.m. ET Monday. That hit nan gains seen by different societal media companies: Facebook and Instagram genitor Meta Platforms (META) was up astir 2.3%, while Pinterest (PINS) was up astir 1.5% and Snapchat genitor Snap (SNAP) roseate astir 1.9%.

Truth Social proprietor Trump Media & Technology (DJT) was down astir 1.2% arsenic investors recalibrated their expectations astir nan U.S. statesmanlike run pursuing President Joe Biden's Sunday announcement that he would time off nan race.

Reddit Sets Content Deals With NBA, NFL, Other Leagues

Reddit connected Monday announced partnerships pinch nan NBA, NFL, and different awesome U.S. sports leagues that will springiness its users entree to charismatic highlights and different content.

The news besides comes up of nan latest information of quarterly financial results for nan starring U.S. societal media companies, which kicks disconnected adjacent week pinch Pinterest reporting July 30. Reddit's results are owed Aug. 6.

Reddit's banal has mostly risen since its March initial nationalist offering (IPO), though it's a spot beneath highs group earlier this month.