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

Reddit, Inc. (NYSE:RDDT) – Stock analysts at Roth Capital issued their Q1 2024 EPS estimates for shares of Reddit in a research report issued on Monday, April 15th. Roth Capital analyst R. Kulkarni expects that the company will post earnings of ($8.68) per share for the quarter. Roth Capital currently 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 analysts have also recently commented on the stock. New Street Research started 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Reddit in a research report on Tuesday. They issued a “buy” rating and a $50.00 price objective for the company. Bank of America assumed coverage on shares of Reddit in a research report on Tuesday. They issued a “neutral” rating and a $46.00 price objective for the company. Roth Mkm assumed 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. Finally, Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Down 4.8 %

Shares of Reddit stock traded down 1.97 on Wednesday, hitting 39.17. 2,144,459 shares of the company’s stock traded hands, compared to its average volume of 9,153,787. Reddit has a one year low of 38.70 and a one year high of 74.90.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, Director David C. Habiger purchased 3,000 shares of Reddit stock in a transaction that occurred 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 acquisition, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last quarter.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

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.