Why Reddit Stock Jumped This Week
Shares of Reddit (NYSE: RDDT) were moving higher this week, even though there was no news out on the social media stock. Instead, the company seemed to benefit from the broader rebound in the stock market, driven by cooling trade tensions, and gained on Friday in sympathy with a better-than-expected earnings report from Google parent .
Investors also appeared to take advantage of the company's beaten-down stock price, as Reddit shares had fallen sharply in recent months on broader signs of economic weakness. As of 1:12 p.m. ET, the stock was up 26% for the week, according to data from S&P Global Market Intelligence.
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Source Fool.com
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