Roth Capital Weighs in on Reddit, Inc.'s Q2 2024 Earnings (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT - Free Report) - Investment analysts at Roth Capital increased their Q2 2024 earnings per share (EPS) estimates for Reddit in a note issued to investors on Wednesday, May 8th. Roth Capital analyst R. Kulkarni now expects that the company will post earnings per share of ($0.32) for the quarter, up from their prior estimate of ($0.56). Roth Capital currently has a "Buy" rating on the stock. The consensus estimate for Reddit's current full-year earnings is ($7.09) per share. Roth Capital also issued estimates for Reddit's Q3 2024 earnings at ($0.32) EPS, Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($4.32) EPS, Q1 2025 earnings at ($0.56) EPS, Q2 2025 earnings at ($0.41) EPS, Q3 2025 earnings at ($0.15) EPS, Q4 2025 earnings at $0.13 EPS, FY2025 earnings at ($0.71) EPS and FY2026 earnings at $0.09 EPS.

RDDT has been the topic of a number of other research reports. Piper Sandler upped their price target on Reddit from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. initiated coverage on Reddit in a report on Monday, April 15th. They issued a "neutral" rating and a $47.00 target price on the stock. Loop Capital began coverage on shares of Reddit in a report on Monday, April 15th. They set a "buy" rating and a $55.00 price target for the company. The Goldman Sachs Group upped their price objective on shares of Reddit from $40.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Raymond James initiated coverage on shares of Reddit in a research report on Monday, April 15th. They set a "strong-buy" rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average target price of 54.87.

Reddit Price Performance

Shares of Reddit stock traded up 3.42 during trading on Friday, hitting 53.53. The company's stock had a trading volume of 4,446,000 shares, compared to its average volume of 6,244,432. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analysts' expectations of 213.99 million. The business's revenue for the quarter was up 48.4% on a year-over-year basis. During the same period in the prior year, the business posted ($1.05) EPS.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the firm's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now owns 413,684 shares of the company's stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Reddit news, Director David C. Habiger bought 3,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares of the company's stock, valued at approximately 846,804. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 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 transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. 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.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently modified their holdings of the stock. Congress Park Capital LLC bought a new stake in Reddit during the first quarter worth $279,000. Raymond James Financial Services Advisors Inc. purchased a new position in Reddit during the 1st quarter worth $2,057,000. Seven Grand Managers LLC bought a new stake in shares of Reddit in the 1st quarter worth $986,000. Global Retirement Partners LLC purchased a new stake in shares of Reddit in the first quarter valued at about $27,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Reddit during the first quarter valued at about $1,111,000.

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.