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Baird analysts reiterated a "Neutral" rating on Reddit, stating that the renewal of its AI data licensing agreements with Google and OpenAI is a key catalyst.
Baird analyst Colin Sebastian reiterated a "Neutral" rating and a $185 price target for Reddit (RDDT) on Wednesday, noting that the company's data licensing agreements with Google (GOOGL) and OpenAI are set to expire next year, and the recognition of its AI data value will be a key catalyst. Reddit's agreement with Google is reportedly worth $60 million annually, while its agreement with OpenAI is valued at $70 million. Reddit's CEO has hinted that fees might shift from a fixed model to usage-based or dynamic pricing upon renewal in 2027. As of the end of Q2, the number of hedge funds holding Reddit increased from 70 in the previous quarter to 91.
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