Reddit (RDDT) Set to Announce Earnings on Tuesday

Reddit (NYSE:RDDT) will be releasing its earnings data after the market closes on Tuesday, October 29th. Analysts expect Reddit to post earnings of ($0.09) per share for the quarter. Reddit has set its Q3 2024 guidance at EPS.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the prior year, the firm posted ($0.70) EPS. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. On average, analysts expect Reddit to post $-4 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Reddit Stock Performance

Shares of NYSE RDDT opened at $78.56 on Tuesday. The stock’s 50-day moving average is $63.67 and its two-hundred day moving average is $59.35. Reddit has a 1-year low of $37.35 and a 1-year high of $81.36.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 385,327 shares of company stock valued at $23,115,824 in the last three months.

Analyst Ratings Changes

RDDT has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, August 1st. Cannonball Research initiated coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC upped their price objective on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $70.94.

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.