Reddit Stock Jumps as Social Media Shares Climb

Shares of Reddit (RDDT) jumped Monday, outpacing other social media companies’ rising shares to start the week.

Reddit, known largely as a platform for lively communities of individual investors, was up nearly 6% to $68.50 as of 1 p.m. ET Monday. That beat the gains seen by other social media companies: Facebook and Instagram parent Meta Platforms (META) was up about 2.3%, while Pinterest (PINS) was up nearly 1.5% and Snapchat parent Snap (SNAP) rose about 1.9%.

Truth Social owner Trump Media & Technology (DJT) was down about 1.2% as investors recalibrated their expectations about the U.S. presidential campaign following President Joe Biden’s Sunday announcement that he would leave the race.

Reddit Sets Content Deals With NBA, NFL, Other Leagues

Reddit on Monday announced partnerships with the NBA, NFL, and other major U.S. sports leagues that will give its users access to official highlights and other content.

The news also comes ahead of the latest round of quarterly financial results for the leading U.S. social media companies, which kicks off next week with Pinterest reporting July 30. Reddit’s results are due Aug. 6.

Reddit’s stock has generally risen since its March initial public offering (IPO), though it’s a bit below highs set earlier this month.