Reddit, Inc. (NYSE:RDDT) Forecasted to Post Q1 2024 Earnings of ($8.68) Per Share

Reddit, Inc. (NYSE:RDDT) – Roth Capital issued their Q1 2024 earnings per share (EPS) estimates for Reddit in a research note 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 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.

Several other brokerages have also commented on RDDT. JPMorgan Chase & Co. began coverage on Reddit in a report on Monday. They set a “neutral” rating and a $47.00 price objective for the company. Roth Mkm began coverage on Reddit in a report on Monday. They set a “buy” rating and a $50.00 price objective for the company. New Street Research began coverage on Reddit in a report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price objective for the company. Piper Sandler began coverage on Reddit in a report on Monday. They set an “overweight” rating and a $50.00 price objective for the company. Finally, JMP Securities began coverage on Reddit in a report on Monday. They set an “outperform” rating and a $53.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of 49.20.

Reddit Price Performance

Reddit stock opened at 39.17 on Wednesday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Institutional Investors Weigh In On Reddit

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

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the sale, the chief financial officer now directly owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Andrew Vollero sold 71,765 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction dated 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 owns 96,413 shares in the company, valued at 3,114,139.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

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.