Why Reddit Stock Is Trending Higher On Monday?
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Reddit Inc (NYSE:RDDT) shares are trending higher, gaining 4.44% to $145.95 on Monday, driven by a strategic partnership with Nectar Social. This collaboration allows Nectar access to Reddit's Data API for real-time consumer insights, enhancing marketing strategies for brands. Despite a rise in short interest, with 14.88% of the float held short, the stock is outperforming the market. Currently, it trades 6.7% above its 20-day moving average but remains 20.5% below its 100-day average. Over the past year, Reddit's stock has increased by 48.62%.
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