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Reddit Inc (NYSE:RDDT) shares are gaining ground Monday. The stock is outperforming the broader market. The Nasdaq is up 0.28% while the S&P 500 has gained 0.18%.
Short Interest Rising
Short interest in Reddit increased during the last reporting period. The figure rose from 17.24 million to 17.51 million shares. Currently, 14.88% of the company’s float is held short. Based on average volume, it would take 3.47 days for short sellers to cover their positions.
Nectar Social Partnership
The rally follows news from Wednesday, regarding a data partnership with Nectar Social. The deal grants Nectar access to Reddit’s Data API for real-time consumer insights.
“What sets Reddit apart is the depth and authenticity …
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