Reddit: We Launch Coverage With a $120 Fair Value Estimate and a Narrow Moat Rating

Reddit is a community-driven platform that is centered around shared interests and groups rather than personal networks. Instead of connecting primarily with friends and family (like on Facebook and Instagram), users explore over 100,000-plus specialized communities called “subreddits,” where conversations are primarily in the form of a discussion board-like format. We believe that this community-based environment drives robust engagement as well as creates a wealth of user insights that underpin the platform’s appeal.