FY2029 Earnings Estimate for Reddit Issued By B. Riley

Reddit, Inc. (NYSE:RDDT) – Analysts at B. Riley issued their FY2029 earnings per share (EPS) estimates for Reddit in a research note issued to investors on Tuesday, January 14th. B. Riley analyst N. Khan expects that the company will earn $6.16 per share for the year. B. Riley has a “Buy” rating and a $187.00 price objective on the stock. The consensus estimate for Reddit’s current full-year earnings is ($3.46) per share.

A number of other equities research analysts have also issued reports on the company. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. JMP Securities increased their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Citigroup increased their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $200.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $148.25.

Reddit Price Performance

Shares of NYSE RDDT opened at $174.81 on Thursday. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69. The firm has a fifty day moving average price of $156.38 and a 200-day moving average price of $99.15.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year.

Institutional Trading of Reddit

A number of large investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the 3rd quarter worth approximately $474,403,000. Point72 Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 2,225,895 shares in the last quarter. Holocene Advisors LP raised its stake in Reddit by 177.6% in 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 in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 1,519.4% during 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 period.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 14.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 217,023 shares of company stock valued at $31,699,295 over the last three months.

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.