Why Reddit’s Explosive Growth Could Last

Redditors may have their new favorite meme stock—Reddit.

The social media platform’s report of a 68% jump in third-quarter revenue sent the stock soaring 40% to around $115 last week, more than triple the price at which it went public in March. Reddit is now trading at a huge premium to other social media stocks—11.2 times next year’s estimated sales, compared to 7.7 times for Meta Platforms and 3.6 times for Snap, according to S&P Global Market Intelligence.