What is Roth Capital’s Estimate for Reddit FY2024 Earnings?

Reddit, Inc. (NYSE:RDDT) – Stock analysts at Roth Capital lifted their FY2024 earnings per share (EPS) estimates for shares of Reddit in a research report issued to clients and investors on Wednesday, January 22nd. Roth Capital analyst R. Kulkarni now expects that the company will post earnings of ($3.48) per share for the year, up from their previous forecast of ($3.60). Roth Capital 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:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year.

Several other equities analysts have also weighed in on RDDT. Citigroup lifted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Piper Sandler upped their price target on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $158.20.

Reddit Trading Down 1.2 %

Shares of NYSE:RDDT opened at $181.55 on Friday. The stock has a 50-day simple moving average of $161.24 and a 200-day simple moving average of $102.91. Reddit has a 1 year low of $37.35 and a 1 year high of $191.00.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. FMR LLC increased its stake in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Holocene Advisors LP increased its position in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at $261,642,377.21. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,357 shares of company stock valued at $39,528,738.

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.