Why Reddit Stock Crushed It in December
Several positive analyst moves added up to a tailwind, pushing Reddit's (NYSE: RDDT) share price up notably in the final month of 2024. December saw the social media company's already hot stock rise by more than 16%, bolstering its status as one of the best-performing titles of the year.
Reddit is one of the newer tech and social media stocks on the scene. It arrived on the market less than a year ago (in March 2024, to be exact, after completing its initial public offering, or IPO). Given that newness and its near-instant popularity as an investment, several researchers have only recently started tracking the stock.
Two prominent ones initiated Reddit coverage in December, both with rather positive evaluations. The first was big four bank Wells Fargo, which rates it overweight (i.e., a buy) at a price target of $206 per share. No. 2 was Guggenheim, whose analyst Michael Morris also tagged the company as a buy at a slightly higher ($210 per share) fair value assessment.
Source Fool.com
