10 Best Upside Stocks To Buy Right Now

6. Reddit Inc. (NYSE:RDDT)

Upside Potential as of March 10: 56.74%

Number of Hedge Fund Holders: 87

Reddit Inc. (NYSE:RDDT) operates a global digital platform where users connect through communities centered on shared interests. It facilitates conversations and content sharing. It’s a collection of online forums, called subreddits, where users submit content, vote on it, and engage in threaded discussions.

In Q3 2024, the company’s advertising revenue surged 56% year-over-year and generated $315.1 million. This growth was attributed to a larger user base and more effective ad placement, particularly through “conversation placement ads” that use online discussions for targeted advertising. Additionally, the company’s ads are proving successful at all stages of the customer journey, with a notable impact on users nearing a final purchase.

Reddit Inc. (NYSE:RDDT) is improving its advertising capabilities through user-friendly tools and unique ad options. It’s seeing better results from “conversation ads” and testing new ad locations in comments to increase advertising space. JMP Securities is optimistic about the company’s advertising, and raised their price target to $190 from $160 while maintaining a Buy rating.