Roth Capital Has Bullish Estimate for Reddit FY2024 Earnings

Reddit, Inc. (NYSE:RDDTFree Report) – Roth Capital increased their FY2024 earnings per share estimates for shares of Reddit in a research report issued on Wednesday, January 22nd. Roth Capital analyst R. Kulkarni now forecasts that the company will post earnings per share of ($3.48) for the year, up from their previous estimate of ($3.60). Roth Capital currently has a “Hold” rating on the stock. The consensus estimate for Reddit’s current full-year earnings is ($3.48) per share. Roth Capital also issued estimates for Reddit’s Q4 2024 earnings at $0.31 EPS, Q1 2025 earnings at ($0.02) EPS, Q2 2025 earnings at $0.08 EPS, Q3 2025 earnings at $0.29 EPS, Q4 2025 earnings at $0.57 EPS, FY2025 earnings at $0.94 EPS and FY2026 earnings at $2.22 EPS.

Reddit (NYSE:RDDTGet Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% on a year-over-year basis.

Several other analysts have also commented on RDDT. Loop Capital boosted their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Guggenheim assumed coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Piper Sandler boosted their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. Finally, Raymond James increased their target price on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.20.

View Our Latest Analysis on Reddit

Reddit Stock Performance

Reddit stock opened at $182.24 on Friday. The firm’s 50-day simple moving average is $163.38 and its 200 day simple moving average is $104.22. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $191.00.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now directly owns 46,459 shares in the company, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock worth $40,449,488.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit during the third quarter valued at $474,403,000. Jennison Associates LLC acquired a new position in Reddit in the 4th quarter worth approximately $494,861,000. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Finally, Holocene Advisors LP grew its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period.

About Reddit

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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.

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Earnings History and Estimates for Reddit (NYSE:RDDT)

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