We recently published a list of These 10 Firms Blowing Up by Double Digits Today. In this article, we are going to take a look at where Reddit, Inc. (NYSE:RDDT) stands against other firms blowing up by double digits today.
Ten individual stocks soared by double digits on Wednesday, outperforming a lackluster performance among Wall Street’s indices, thanks to the 90-day truce between the US and China that continued to boost investor confidence.
In contrast, Wall Street’s indices were mixed, with the tech-heavy Nasdaq growing 0.72 percent, followed by the S&P 500, up 0.10 percent. The Dow Jones declined by 0.21 percent.
In this article, we name Wednesday’s 10 best-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
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Reddit, Inc. (NYSE:RDDT)
Reddit Inc. extended its rally for a fifth consecutive day on Wednesday, jumping by 11.06 percent to finish at $125.32 apiece, with analysts pointing to meme moves as having boosted the company’s share price.
Additionally, the company is being linked to news that its co-founder, Alexis Ohanian, recently acquired a 10-percent stake in the Women’s Super League, Chelsea Football Club.
While the acquisition does not directly impact the trading performance of Reddit, Ohanian’s presence in other industries could support further visibility for Reddit, Inc..
During the first quarter of the year, Reddit, Inc. swung to a net income of $26.2 million from a $575.1 million net loss in the same period last year.
Revenues also jumped by 61 percent to $392.4 million from $243 million year-on-year.
For the second quarter of the year, Reddit, Inc. is targeting to hit between $410 million and $430 million in revenues, with an adjusted EBITDA range of $110 million to $130 million.
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This article is originally published at Insider Monkey.