Reddit shares rise 7%, hit record as Raymond James raises price target

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shares rise 7%, hit record as Raymond James raises price target

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CEO Steve Huffman stands on the floor of the New York Stock Exchange (NYSE) after ringing a bell on the floor setting the share price at $47 in its initial public offering (IPO) on March 21, 2024 in New York City.

Spencer Platt | Getty Images News | Getty Images

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shares rose over 7% to a record high Tuesday after Raymond James analysts raised their price target and reiterated their “strong buy” rating for the social media platform.

The company’s shares reached $191 during midday trading, topping a previous high of $182 on Jan. 6.

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shares passed $100 for the first time in late October after the company reported third-quarter financial results that beat Wall Street expectations.

Raymond James analysts said in a Tuesday note that they would raise their

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price target to $200 from $150, largely due to their “conviction” that

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can expand its business internationally.

The company is planning to attract more users outside its core U.S. market as it looks to expand its advertising business,

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Chief Operating Officer Jen Wong told CNBC in November.

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’s third-quarter sales, which are predominantly online advertising, rose 68% year-over-year to $348.4 million.

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’s increase use of artificial intelligence to automatically translate its site text to different languages like Portuguese, French, Spanish, Philippines and ******* “should help improve local search rankings for

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and provide durable hypergrowth,” the Raymond James analysts wrote.

The company’s AI-translation efforts are key to its international expansion, Wong told CNBC in November.

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’s fastest-growing regions in regards to users include the U.K., the Philippines, India and Brazil, she said.

“That points to a lot of our future user growth opportunity definitely outside of the U.S. and local language,” Wong said. “Every language is an opportunity for another

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.”

The company also continues to be one of the top five most searched websites, the Raymond James analysts said, citing the SimilarWeb research firm.

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’s “authentic and uniquely moderated (community system) content” will help the company stay on top of search results, ultimately resulting in more

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users creating accounts, the analysts wrote.

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makes more money on logged-in users who have accounts rather than logged-out users, who have been visiting the platform more often over the past year due to internal site improvements and a previous

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search algorithm change that favored “authentic” content.

The Raymond James analysts noted in a section on “risks” that

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could suffer from “unfavorable

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search algo updates” that push the site lower in search results and slower rates in converting those logged-out users into the more financially lucrative logged-in counterparts.

Watch: Steven Mnuchin on TikTok: We’d be very interested in investing the business

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