Reddit, Inc.

We are updating our estimate of stock-based compensation for Q1 to reflect the management’s comments. As a result, our GAAP EPS estimates for Q1 and FY25 move lower while the rest of the estimates remain…

We are updating our model following Q4 FY24 report. We are also raising our price target to $244 to reflect revised estimates. We currently expect RDDT to report the following results: Q1 FY25: Average Daily Uniques…

The current valuation means, in our view, that the market is giving RDDT credit for growth opportunities and execution upfront. This means that if RDDT delivers on expectations in the course of FY25, the current…

We believe at this point it’s clear that advertising revenue as opposed to data licensing is and will be the main revenue growth driver. In this note we argue that performance advertising solutions (RDDT refers…

We currently expect RDDT to report the following results: Full FY25: Advertising revenue of $1,454m, other revenue of $143m and total revenue of $1,597m. We are modeling Adjusted Ebitda of $397m. We expect GAAP diluted EPS…

We are updating our estimates following Q3 FY24 report. We are raising out price target to $135 to reflect the updated estimates and the current valuation multiple. We currently expect RDDT to report the following…

We think Q3 results will go a long way in giving the Street incremental conviction in the growth trajectory going forward. Performance advertising revenue growth re-accelerated implying monetization initiatives launched last year continue to yield…

Our Buy thesis is predicated on the argument that the recent and continuing product and monetization improvements will result in upside to the current consensus estimates. In this note we show that, according to our…

We are updating our estimates following Q2 FY24 report. Our rating and price target remain unchanged. We currently expect RDDT to report the following results: Q3 FY24: Average Daily Uniques (DAUq) of 96m; $275m in advertising…

We are initiating coverage of RDDT with a Buy rating and 12 month price target of $67. Our thesis is straightforward: we believe that the recent and continuing product and monetization improvements will drive upside…