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

Reddit, Inc. (NYSE:RDDT) – Equities research analysts at Roth Capital issued their Q1 2024 earnings estimates for shares of Reddit in a research note issued on Monday, April 15th. Roth Capital analyst R. Kulkarni forecasts 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 equities analysts have also issued reports on RDDT. The Goldman Sachs Group initiated coverage on Reddit in a research note on Monday. They issued a “neutral” rating and a $40.00 target price for the company. Sanford C. Bernstein started coverage on Reddit in a research note on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price objective for the company. JMP Securities initiated coverage on Reddit in a research report on Monday. They issued an “outperform” rating and a $53.00 target price on the stock. Piper Sandler started coverage on shares of Reddit in a report on Monday. They issued an “overweight” rating and a $50.00 price target on the stock. Finally, Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price objective for the company. One 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Up 6.5 %

NYSE:RDDT opened at 41.72 on Wednesday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insider Activity at Reddit

In other news, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the transaction, the director now owns 24,906 shares in the company, valued at approximately 846,804. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 2,318,009.50. Following the completion of the transaction, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Hedge Funds Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 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.