Reddit Stock Is Ripping Higher Wednesday: What's Happening?
Portfolio Pulse from Vaishali Prayag
Reddit Inc. (NYSE:RDDT) shares surged after reporting strong Q3 results, exceeding earnings and revenue expectations. The company also provided positive Q4 revenue guidance, leading multiple analysts to raise their price targets.
October 30, 2024 | 6:50 pm
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Reddit Inc. reported strong Q3 earnings, surpassing expectations with 16 cents per share and $348.4 million in revenue. The company also provided positive Q4 revenue guidance, leading to multiple analyst price target increases.
Reddit's strong Q3 performance, with earnings and revenue exceeding expectations, has led to a significant increase in its stock price. The positive Q4 revenue guidance further supports a bullish outlook. Analysts have responded by raising their price targets, indicating confidence in Reddit's future performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100