15 AI Stocks That Skyrocketed in Q4

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10. Reddit, Inc. (NYSE:RDDT)

Number of Hedge Fund Holders: 52

Stock Price Performance in Q4 2024: ~148%

Reddit, Inc. (NYSE:RDDT) operates a platform of diverse communities centered around shared interests, encouraging open and authentic discussions. It has proven to be one of the hottest IPOs of 2024. The company stock has gained over 270% since its IPO in March 2024. However, the most notable surge in its stock price could be seen after it announced its Q3 results on October 29.

The company posted revenue of $348.4 million, which was a 68% year-over-year increase, and its Daily Active Uniques increased 47% year-over-year to 97.2 million. Earlier in December, the company also started testing an AI-powered chatbot called Reddit Answers to improve user interactions by helping users find information, recommendations, and discussions across its forums. The tool aims to improve Reddit’s search capabilities, competing with traditional search engines and AI platforms that often summarize Reddit content without redirecting users to the site.

Many analysts are still quite bullish on Reddit (NYSE:RDDT). Citi analyst Ronald Josey and Guggenheim analyst Michael Morris maintained a Buy rating on the company with a $200 and $210 price target, respectively.

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