Brokers Issue Forecasts for Reddit, Inc.’s Q1 2024 Earnings (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) – Equities researchers at Roth Capital issued their Q1 2024 earnings per share (EPS) estimates for Reddit in a note issued to investors on Monday, April 15th. Roth Capital analyst R. Kulkarni anticipates that the company will earn ($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.

Other equities research analysts have also issued research reports about the stock. Loop Capital started coverage on shares of Reddit in a report on Monday. They issued a “buy” rating and a $55.00 target price on the stock. Bank of America initiated coverage on Reddit in a research report on Tuesday. They set a “neutral” rating and a $46.00 target price on the stock. Sanford C. Bernstein assumed coverage on Reddit in a report on Thursday, April 4th. They set an “underperform” rating and a $40.00 price target for the company. New Street Research initiated coverage on Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price objective on the stock. Finally, Roth Mkm began coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of 49.20.

Reddit Stock Performance

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.

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 shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the business’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 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

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.