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

Reddit, Inc. (NYSE:RDDT) – Equities researchers 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 anticipates that the company will earn ($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 research analysts also recently weighed in on RDDT. Citigroup initiated coverage on shares of Reddit in a research report on Monday. They set a “buy” rating and a $53.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Reddit in a research report on Tuesday. They set a “buy” rating and a $50.00 target price for the company. Loop Capital initiated coverage on shares of Reddit in a report on Monday. They issued a “buy” rating and a $55.00 price objective for the company. Raymond James initiated coverage on shares of Reddit in a report on Monday. They issued a “strong-buy” rating and a $50.00 price objective for the company. Finally, Bank of America initiated coverage on shares of Reddit in a report on Tuesday. They issued a “neutral” rating and a $46.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of 49.20.

Reddit Price Performance

Shares of Reddit stock traded down 1.97 on Wednesday, reaching 39.17. 2,144,459 shares of the company traded hands, compared to its average volume of 9,153,787. Reddit has a 52 week low of 38.70 and a 52 week high of 74.90.

Institutional Trading of 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) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the 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 sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’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 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Insiders have sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

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.