Reddit (RDDT) Scheduled to Post Quarterly Earnings on Tuesday

Reddit (NYSE:RDDT) is set to announce its earnings results after the market closes on Tuesday, October 29th. Analysts expect the company to announce earnings of ($0.09) per share for the quarter. Reddit has set its Q3 2024 guidance at EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. Reddit’s quarterly revenue was up 53.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.70) earnings per share. On average, analysts expect Reddit to post $-4 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Reddit Trading Up 3.5 %

Shares of RDDT opened at $81.36 on Monday. The firm has a fifty day simple moving average of $65.57 and a two-hundred day simple moving average of $60.30. Reddit has a 1-year low of $37.35 and a 1-year high of $81.72.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RDDT shares. Bank of America boosted their target price on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Cannonball Research started coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.61.

Insider Buying and Selling

In related news, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 390,327 shares of company stock valued at $23,503,224.

About Reddit

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.