Reddit gains 4% as Jefferies starts at Buy on user growth, monetization room

seekingalpha10-09

Reddit stock (NYSE:RDDT) rose 4% early Wednesday, among top gainers in Communication Services stocks, after Jefferies initiated coverage with a Buy rating, noting a "runway for elevated user growth." ...

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The company is \"combining AI-driven product enhancements with a robust archive of contextual content to spur trial and engagement, resulting in recent user growth accelerating to the highest level in 2+ years (+51% in 2Q24),\" he noted. That's been helped by deeper integration into Google search after the rollout of a faster Web platform in May 2023. While Reddit (RDDT) has benefited from an expanded top of funnel, \"we estimate logged-in user growth outpaces total user growth beginning in '25,\" Colantuoni said. Meanwhile, U.S. average revenue per user has lagged about 75% below that of rival Pinterest (PINS) and about 45% below that of Snap (SNAP), pointing to a \"long runway for increased monetization\" -- which Reddit can help tap with more innovation, higher ad loads and incremental partnerships. 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