Reddit, Inc.

We are updating our model following Q2 FY26 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q3 FY26: Average Daily Uniques (DAUq) of 133m; $824m in…

Financial metrics look very strong again, but there is somewhat cautious language in the Shareholder Letter about “choppy” search referrals and traffic getting “more volatile” at the end of the quarter. This combination suggests Q2…

We think that the current valuation of 17x EV/FY27E Adjusted EBITDA will prove to be unsustainably low, given the combination of the growth opportunity from audience monetization and management’s track record, which has been building…

We are updating our model following Q1 FY26 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q2 FY26: Average Daily Uniques (DAUq) of 128m; $684m in…

We are updating our model following Q4 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q1 FY26: Average Daily Uniques (DAUq) of 125m; $567m in advertising…

Another strong quarter with advertising revenue strength in both, brand and performance. We see the results as supportive of our thesis that RDDT is still early in the monetization cycle. DAUq came in 1m above…

We are introducing Q1 FY26 estimates. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q4 FY25: Average Daily Uniques (DAUq) of 119m; $623m in advertising and $37m in…

We are updating our model following Q3 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q4 FY25: Average Daily Uniques (DAUq) of 119m; $623m in advertising…

We believe that we may see a shift in advertising revenue growth drivers in the second half of FY25 from what we saw in Q2. We think Dynamic Product Ads (DPA) can start contributing to…

We are updating our model following Q2 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q3 FY25: Average Daily Uniques (DAUq) of $114m; $504m in advertising…

In our view, the current narrative about potential impact from Google’s algorithm changes overshadows important developments which support the bull case. Our Buy thesis is predicated on our belief that (i) RDDT is early in…

We are updating our model following Q1 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q2 FY25: Average Daily Uniques (DAUq) of 108m; $387m in advertising…

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…