Reddit, Robinhood shares surge as 'Roaring Kitty' return rekindles GameStop meme rally

Both Reddit and Robinhood could theoretically benefit from a return of the retail trading frenzy.The trading floor of the New York Stock Exchange prepares for the social media platform Reddit's initial public offering on March 21, 2024 in New York City.Reddit rose more than 10%, hitting its highest level since March. Retail brokerage stock Robinhood climbed 5%, cutting some of its losses from last week.

Both Reddit and Robinhood could theoretically benefit from a return of the retail trading frenzy. Reddit's WallStreetBets chatroom was highly active during that period, and increased retail trading could boost revenue at Robinhood. Citizens JMP equity research analyst Andrew Boone said that while he didn't see any fundamental reason for Monday's rally for Reddit, increased user activity would help boost the company's advertising business.

"At the end of the day, more users means more impressions, which means there are more ads for them to sell," Boone told CNBC. Reddit may also in the future be able to monetize its user base through data sales and a developer platform, Boone added.Gamestop GME rises as 'Roaring Kitty' returns, posts on X

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