The popular online message boards of Reddit (RDDT) are down for thousands of users around the world a day after the company rolled out a fix for a software glitch.
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Outage tracking website Downdetector.com is reporting as many as 70,000 outages for Reddit, which is preventing people from accessing the social media platform, including the hugely popular WallStreetBets message board that is frequented by retail investors and day traders.
Reddit users have taken to social media to grumble about problems connecting to the online message boards that facilitate discussions on topics ranging from politics to cooking and investing. In a service post, Reddit said that it is aware of a “degraded service” for users of its website and app, and that it is working to fix the problem.
Growing Popularity
The outage at Reddit comes as its online message boards grow in popularity. The social media service most recently reported that the number of daily users on its social media platform rose 47% year-over-year in the third quarter to 97.2 million.
The company went public in March of this year in what has been one of the largest initial public offerings (IPOs) of 2024. In October, Reddit reported its first ever profit as a publicly traded company, sending its share price higher. Since its March IPO, RDDT stock has increased more than 150%.
Is RDDT Stock a Buy?
The stock of Reddit has a consensus Moderate Buy rating among 16 Wall Street analysts. That rating is based on 10 Buy, five Hold and one Sell recommendations made in the last three months. The average RDDT price target of $106.88 implies 27.15% downside from current levels.
