Wall Street brokerages start Reddit coverage with skepticism on user growth [Reuters]
Piper Sandler Companies (PIPR)
Last piper sandler companies earnings: 5/1 08:04 am
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Source: Reuters
, opens new tab with equivalent to "hold" ratings, as they wait for clarity on the social media company's user growth, while staying bullish on ad-revenue growth and artificial intelligence (AI) initiatives. Shares of Reddit were up 0.88% at $42.64 in premarket trading. While Reddit, which made its market debut last month, still relies on advertising for the vast majority of its revenue, it touted AI in its initial public offering (IPO) marketing roadshow as an area of growth. J.P.Morgan started coverage on Reddit with a "neutral" rating and a $47 price target, while Morgan Stanley initiated with an "equal-weight" rating and a $45 price target. "DAUq (daily active unique users) growth has accelerated in recent quarters and there is meaningful headroom for growth, but for now Reddit's base of 73 million users is relatively sub-scale," said J.P.Morgan analysts led by Doug Anmuth in a note. "Valuation leaves us on sidelines as we wait for evidence of outsized user growth and f
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PIPR
Earnings
- 4/29/24 - Beat
PIPR
Sec Filings
- 4/26/24 - Form 8-K
- 4/12/24 - Form DEFA14A
- 4/12/24 - Form DEFA14A
- PIPR's page on the SEC website