New York, July 1, 2026, 15:01 (EDT)
- Reddit, Inc. NYSE:RDDT jumped 14.1% to $198.01 at 2:46 p.m. EDT, topping gains among social-media stocks and outpacing the main tech ETF today.
- Short interest climbed 22.9% to 16.47 million shares as of June 15, or about 12% of the float.
- Shares rose 23% in the last five days but remain 14% lower for the year, so the next revenue update stays in focus for investors.
Reddit, Inc. NYSE:RDDT climbed 14.1% Wednesday, beating out most communication-services names as buyers moved in. The stock drew in traders with short interest on the rise and a lot of room left to last year’s high.
New York Stock Exchange ran on its usual schedule Wednesday, 9:30 a.m. to 4 p.m. EDT. The market is set to be closed Friday, July 3, for the Independence Day holiday.
Reddit was changing hands at $198.01 at 2:46 p.m. EDT after reaching $201.16, the session’s high so far. Shares are trading roughly 30% under the 52-week peak of $282.95 but still up 66% from the year’s low. Volume on Google Finance came in at 6.19 million shares, about 1.3x normal pace.
| Stock or ETF | Ticker | Latest price | Day move | Intraday range |
|---|---|---|---|---|
| Reddit shares | NYSE:RDDT | $198.01 | up 14.1% | $172.00 to $201.16 |
| Meta Platforms | NASDAQ:META | $619.05 | up 9.9% | $561.02 to $627.91 |
| Snap Inc. | NYSE:SNAP | $4.80 | up 8.0% | $4.43 to $4.83 |
| NYSE:PINS | $22.13 | up 5.2% | $21.09 to $22.31 | |
| Alphabet | NASDAQ:GOOGL | $359.93 | up 0.7% | $354.85 to $362.65 |
| Communication Services Select Sector SPDR ETF | NYSEARCA:XLC | $110.01 | up 2.7% | $107.50 to $110.84 |
| Invesco QQQ Trust | NASDAQ:QQQ | $726.35 | down 1.4% | $725.62 to $733.94 |
Reddit didn’t get much help from the wider market. The S&P 500 was mostly flat and the Nasdaq Composite dipped 0.2% this afternoon. Meta shares jumped over 10% after news it’s working on a cloud unit to sell surplus AI computing power. “This does seem to be something that is likely to continue to help the stock,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, talking about Meta. Reuters
This is key for Reddit, since Wednesday’s action didn’t just track the index but showed signs of a high-beta catch-up trade. Reddit shares outperformed Meta by nearly four points, topped the sector ETF by over 11 points, and held up while QQQ fell.
Shorts are active in Reddit. MarketBeat said short interest climbed to 16.47 million shares as of June 15, up from 13.40 million last time. That’s 11.96% of the float, with 3.5 days to cover.
| Reddit trading gauge | Latest reading | Investor read-through |
|---|---|---|
| Five-day move | +23.0% | Quick bounce after soft start to week |
| One-month move | +16.6% | Momentum picked up ahead of Q2 numbers |
| Three-month move | +45.2% | Growth names drew buyers back in |
| Year-to-date move | -14.0% | 2026 slump is still not fixed |
| Short interest | 16.47 mln shares | Bears have enough on to move the tape |
| Short float | 12.0% | Big but not at extremes |
| Beta | 2.07 | Shares swing more than the market |
| 52-week range | $119.27-$282.95 | Still trading well below the top |
Unlike a straight short squeeze, Reddit has recent earnings behind the rally. First quarter revenue was up 69% to $663 million. Ad revenue increased 74% to $625 million. Daily active uniques climbed 17% to 126.8 million. Net income hit $204 million. Reddit expects Q2 revenue between $715 million and $725 million.
Reddit COO Jen Wong told Reuters after the April results that active advertiser count was up 75% from a year ago. She said on the call that performance ads brought in over 60% of total ad revenue.
CEO Steve Huffman pitched Reddit as all about data and AI. He called the platform a place for “deeply engaged communities and authentic human conversation.” That’s the long and short of the bull case—Reddit makes money on ads, but its value now comes from a huge set of real-time user posts that AI companies and search partners are after. Reddit Investor Relations
Wall Street doesn’t agree on Reddit’s value. Over the last three months, analysts tracked by Google Finance gave 12 buys, seven holds, and one sell. The group’s average price target for the next year came in at $220.05, just 11.6% above the $197.22 reference price. Needham’s Laura Martin put her target at $300 and Wells Fargo is at $176.
D.A. Davidson’s Wyatt Swanson said in April that Reddit is “incredibly under-monetized relative to peers,” Investor’s Business Daily reported. That take lined up with Wednesday’s demand, but with Reddit trading at around 56.6 times trailing earnings, there’s not much cushion for disappointment. Meta’s multiple was at 22.5, Alphabet at 27.5. Investor’s Business Daily
