Shares of Reddit Inc. were up 2.6% Wednesday after Jefferies initiated coverage of the social-media platform with a buy rating. Jefferies estimated that Reddit’s Ebitda will more than double in the next two years to around $450 million.

Reddit shares climbed Wednesday after analysts at Jefferies initiated coverage of the social media platform with a "buy" rating, citing its success within Google search results and its artificial intelligence (AI) use cases.

Options traders are flocking to bullish bets today. At last check, 3,673 calls have crossed the tape, volume that's triple the average intraday amount and well above the 698 puts traded so far. New positions are being sold to open at the most popular position, the weekly 10/25 80-strike call.