10 Most Promising New Technology Stocks to Buy According to Analysts

​8. Reddit, Inc. (NYSE:RDDT)

Number of Hedge Fund Holders: 70

Upside Potential: 34.32%

​Reddit, Inc. (NYSE:RDDT) is one of the Most Promising New Technology Stocks to Buy According to Analysts. Wall Street is bullish on the stock, with analysts’ 12-month average price target suggesting more than 34.32% upside from the current level. On June 23, B.Riley maintained a Buy rating on Reddit, Inc. (NYSE:RDDT) with a price target of $250.

​The firm pointed towards encouraging developments in the company’s advertising business. The firm noted that Reddit’s latest update from the Cannes Lions events shows that management’s investment in the ad stack is paying off. Moreover, advertiser return on ad spend on Reddit is now above industry averages in key categories.

​Moreover, the company also continues to play a meaningful role in consumer shopping behavior. According to a Reddit white paper, roughly 20% of all shoppers include Reddit in their searches, and 50% of US shoppers use Reddit to verify AI-generated recommendations.

Reddit, Inc. (NYSE:RDDT) operates a massive online social platform where users connect through over 100,000 interest-based communities known as subreddits. It functions as an online forum, news aggregator, and content-sharing network where people engage in authentic conversations, share news, research hobbies, and vote on content.

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