Reddit, Inc. (NYSE:RDDT) Forecasted to Post Q1 2024 Earnings of ($8.68) Per Share

Reddit, Inc. (NYSE:RDDT) – Roth Capital issued their Q1 2024 earnings estimates for Reddit in a research note issued to investors on Monday, April 15th. Roth Capital analyst R. Kulkarni anticipates that the company will post earnings of ($8.68) per share for the quarter. Roth Capital has a “Buy” rating on the stock. Roth Capital also issued estimates for Reddit’s Q2 2024 earnings at ($0.56) EPS, Q3 2024 earnings at ($0.48) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($4.93) EPS and FY2025 earnings at ($1.00) EPS.

A number of other research firms have also weighed in on RDDT. Roth Mkm assumed coverage on shares of Reddit in a research report on Monday. They issued a “buy” rating and a $50.00 price objective for the company. New Street Research assumed coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective for the company. Robert W. Baird assumed coverage on shares of Reddit in a research report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 price objective for the company. Sanford C. Bernstein began coverage on shares of Reddit in a research report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price objective for the company. Finally, Raymond James began coverage on shares of Reddit in a report on Monday. They issued a “strong-buy” rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of 49.20.

Reddit Price Performance

Shares of RDDT opened at 39.17 on Wednesday. Reddit has a 12-month low of 38.70 and a 12-month high of 74.90.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,664 shares of the company’s stock, valued at approximately $279,000.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.