Wall Street brokerages start Reddit coverage with skepticism on user growth [Yahoo! Finance]
Reddit, Inc. Class A (RDDT)
Company Research
Source: Yahoo! Finance
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. Reddit, Inc. (RDDT) Sign in to add to watchlist Full screen "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 faster
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RDDT
News
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $40.00 to $55.00. They now have a "neutral" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Citigroup Inc. from $53.00 to $65.00. They now have a "buy" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at JMP Securities from $53.00 to $63.00. They now have a "market outperform" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Sanford C. Bernstein from $40.00 to $45.00. They now have an "underperform" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Roth Mkm from $50.00 to $61.00. They now have a "buy" rating on the stock.MarketBeat
RDDT
Earnings
- 5/7/24 - Beat
RDDT
Sec Filings
- 5/8/24 - Form 10-Q
- 5/7/24 - Form 8-K
- 5/3/24 - Form SC
- RDDT's page on the SEC website