Roth Capital Comments on Reddit’s Q3 Earnings (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) – Equities research analysts at Roth Capital increased their Q3 2024 earnings estimates for Reddit in a note issued to investors on Wednesday, October 23rd. Roth Capital analyst R. Kulkarni now anticipates that the company will post earnings per share of ($0.07) for the quarter, up from their previous forecast of ($0.15). The consensus estimate for Reddit’s current full-year earnings is ($4.10) per share. Roth Capital also issued estimates for Reddit’s Q4 2024 earnings at $0.07 EPS, FY2024 earnings at ($4.08) EPS, Q1 2025 earnings at ($0.20) EPS, Q2 2025 earnings at ($0.04) EPS, Q3 2025 earnings at $0.03 EPS, Q4 2025 earnings at $0.18 EPS, FY2025 earnings at ($0.03) EPS and FY2026 earnings at $0.19 EPS.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.70) EPS.

Other equities research analysts have also issued research reports about the stock. B. Riley raised their target price on shares of Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Roth Mkm lifted their price objective on shares of Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday. Raymond James lifted their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group raised their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.78.

Reddit Stock Performance

Reddit stock opened at $78.62 on Friday. The firm has a 50-day moving average price of $64.58 and a 200-day moving average price of $59.69. Reddit has a 12-month low of $37.35 and a 12-month high of $81.36.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter valued at $37,000. Whittier Trust Co. acquired a new position in shares of Reddit in the 3rd quarter valued at $42,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit in the 1st quarter valued at $63,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the 2nd quarter valued at $78,000. Finally, Sandia Investment Management LP acquired a new position in shares of Reddit in the 1st quarter valued at $79,000.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have 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.