Reddit advances after unveiling AI-powered ad tools

** Reddit's RDDT.N shares up 4.3% at $123.23, about a one-month high, on Mon after social media platform launched two new AI-powered advertising features

** Co early Mon announced "Reddit Insights" and "Conversation Summary Add-ons" to help brands tap into user discussions

** Platforms such as Reddit, Snap SNAP.N and Pinterest PINS.N leaning on AI-driven ad targeting tools to attract marketers in fiercely competitive ad market

** On May 1, Reddit forecasted Q2 rev above analysts' expectations, but its stock fell 4% in next session after CEO Steve Huffman warned that Google search to disrupt daily active users traffic

** RDDT shares trading at forward PE multiple of ~72x, according to LSEG data

** With move on Mon, stock down ~25% YTD and has nearly halved since hitting record intraday high of $230.41 in Feb

** Of 25 brokerages covering RDDT, recommendation breakdown is 16 "strong buy" or "buy", 8 "hold" and 1"sell" rating with $150 median PT, latest LSEG data reflects

** Co went public in Mar 2024 IPO priced at $34