Reddit (RDDT) Stock Surges 61.3% in 2024: Analyst Forecasts and Key Metrics

As of October 29, 2024, Reddit Inc.’s stock (NYSE: RDDT) has seen a significant surge, increasing by 61.3% since the beginning of the year. The stock was trading at $50.44 on January 1, 2024, and has now reached $81.36, reflecting a substantial growth in investor confidence and market performance.

The company, which operates a website organizing digital communities, reported strong quarterly earnings on August 6, 2024. Reddit Inc. reported earnings per share of ($0.06), surpassing analysts’ consensus estimates of ($0.31) by $0.25. The company’s revenue also saw a 53.6% increase compared to the same quarter last year.

Analysts have shown strong interest in Reddit, with 19 analysts providing ratings in the last 12 months. The consensus rating is a “Moderate Buy,” with 12 buy ratings, 6 hold ratings, and 1 sell rating. The average price target for Reddit is $73.61, although some analysts have set targets as high as $100.00.

Reddit’s financial position is robust, with $1.70 billion in cash and $28.13 million in debt, resulting in a net cash position of $1.67 billion. The company has a market capitalization of $13.50 billion and an enterprise value of $11.82 billion. The short interest ratio is 1.7, indicating an acceptable level of short interest relative to trading volume.

The company’s next earnings report is scheduled for October 29, 2024, after market close. Investors are closely watching this event, given the company’s recent performance and growth expectations. Reddit’s stock has been trending upward, with several short-term signals indicating a potential for further rise within the current trend.

In terms of ownership, 4.86% of Reddit’s shares are owned by insiders, while institutions hold 36.37%. The float, which represents the number of shares available for trading, is approximately 66.73 million shares.