SAN FRANCISCO—On October 16, 2024, Jennifer L. Wong, COO of Reddit, sold about $2.54 million in Reddit stock, with shares priced between $74.18 and $77.74. She sold 33,334 shares through a trading plan established in May 2024, with price ranges for her sales. After these transactions, she still owns 1,542,457 shares directly and 161,000 shares indirectly through a trust.
These transactions were filed with the SEC on October 18, 2024.
In financial news, Reddit’s Q2 revenue rose 54% to $281.2 million, exceeding analyst expectations and narrowing its net loss to $10.1 million. Adjusted EBITDA turned positive at $39.5 million. Jefferies has given Reddit a Buy rating, expecting EBITDA to double in two years due to strong user growth. JMP Securities also maintains a positive outlook with an $84.00 price target, contributing to Reddit’s growth potential from new language services in multiple countries.
Analysts from B.Riley and Piper Sandler have initiated coverage, predicting strong growth with price targets of $75.00 and $70.00, respectively.
InvestingPro Insights
InvestingPro indicates that Reddit has more cash than debt, showing financial strength. Analysts expect sales and income to grow this year, with upward revisions to earnings estimates. Reddit’s stock is near its 52-week high, indicating strong investor confidence.
For further analysis, InvestingPro provides 17 additional insights about Reddit’s financial performance.
This article was created with AI support and reviewed by an editor. For details, see our T&C.
`
