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Home » Tech stocks cause share price decline as rally pauses
Tech

Tech stocks cause share price decline as rally pauses

i2wtcBy i2wtcMay 8, 2024No Comments2 Mins Read
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Shares of Reddit (RDDT) soared as much as 5% on Wednesday after the company said in its first-ever quarterly earnings report that it expects better-than-expected sales growth and further improvement in profitability this quarter. It skyrocketed.

Reddit said in a release Tuesday that it expects second-quarter revenue to be in the range of $240 million to $255 million, beating Wall Street’s expectations of $228 million. Stated. The company also said it expects adjusted EBITDA for the current quarter to be in the range of $0 to $15 million. The Street had predicted a loss of $13 million.

Reddit’s daily active users reached 82.7 million, up 9% from the previous quarter and beating analyst expectations.

“We believe Reddit had a strong first quarter post-IPO,” Citi analyst Ronald Josey wrote in a note to clients on Wednesday. “Importantly, we believe the upward trend in engagement will persist.”

After initially soaring after its initial public offering in late March, Reddit shares fell sharply in the weeks that followed, peaking at about 74.74 per share as concerns grew over the company’s high valuation and potential future revenue streams. The dollar fell to just below $40.

But the report from the company, which once hosted meme stock target material, highlighted a recent trend seen in other names favored by retail traders. Reddit shares are rising after a quarter that JPMorgan analyst Doug Anmuth described as “strong,” but not so much that analysts have a hard time explaining why.

“Given recent tailwinds, we expect the positive trend to continue throughout the year and are raising our revenue forecasts for 2024 and 2025 by 11% and 12%, respectively,” Ammuth wrote.

Anmuth maintained his rating on the stock at “neural” and raised his price target to $57 from $47, noting that the stock appears to be “fairly valued” at this point.

Learn more about Reddit’s AI opportunities here.



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