Reddit (RDDT) Scheduled to Post Earnings on Tuesday

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

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

Reddit Trading Up 3.5 %

RDDT stock opened at $81.36 on Friday. The company’s 50 day simple moving average is $65.57 and its 200-day simple moving average is $60.17. Reddit has a 12 month low of $37.35 and a 12 month high of $81.72.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RDDT shares. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. JMP Securities reiterated a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Needham & Company LLC raised their target price on shares of Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Loop Capital raised their target price on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $73.61.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock valued at $23,503,224 over the last quarter.

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.