Reddit (RDDT) Set to Announce Quarterly Earnings on Tuesday

Reddit (NYSE:RDDT) will 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 interested in participating in the company’s conference call can do so using this link.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The firm’s quarterly revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) EPS. 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 $81.36 on Friday. The company has a fifty day simple moving average of $65.57 and a 200 day simple moving average of $60.17. Reddit has a 12-month low of $37.35 and a 12-month high of $81.72.

Insider Activity

In related news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were 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 owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 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 $5,349,933.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 390,327 shares of company stock valued at $23,503,224.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Jefferies Financial Group lifted their price objective on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. B. Riley lifted their price objective on shares of Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Raymond James lifted their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.61.

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.