15 AI News You Should Not Miss

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13. Reddit Inc (NYSE:RDDT)

Number of Hedge Fund Holders: 39

Reddit Inc (NYSE:RDDT) is an American social news aggregation, content rating, and forum social network. The company has jumped on the AI bandwagon by licensing its data to train AI models, entering into data licensing agreements totaling over $200 million over the coming years.

On Tuesday, October 30, Citi analyst Ronald Josey raised the price target on Reddit Inc (NYSE:RDDT) to $120 from $70 and kept a “Buy” rating on the shares. This comes after the company reported its first quarterly profit and a fourth-quarter revenue forecast above estimates, fueled by its AI content licensing deals and strong digital advertising spending. According to the analyst, the company has reported “impressive” Q3 results with revenue coming in 11% above consensus and EBITDA coming in 57% above the high-end of guidance. The company is also witnessing continued user growth and engagement gains with daily active unique visitors reaching 97M. Citi believes the trends will continue as new ad options are introduced and areas like search, video, and shopping are monetized.

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