AAL

Reddit Impresses in First-Ever Quarterly Report

The stock has pulled back from its earlier surge, but is still higher

Deputy Editor
May 8, 2024 at 10:50 AM
facebook X logo linkedin


Reddit Inc's (NYSE:RDDT) first earnings report came in even stronger than Wall Street expected, with first-quarter revenue handily beating estimates. The social media company also issued an upbeat fiscal second-quarter revenue forecast, with eight analysts raising their price targets after the event. 

Reddit stock is up 5.3% at $51.99 at last glance, pulling back from its initial surge that brought it as high as $55. The equity has only been publicly traded since March, when it debuted with an initial public offering (IPO) price of $34. RDDT is up 15% so far this month.

Options traders are targeting RDDT in response, with 33,000 calls and 18,000 puts exchanged so far -- options volume that is already seven times the average daily amount. The weekly 5/10 55-strike call is the most popular, with new positions opening there. 

Analysts are split on the security, with seven of the 14 in coverage carrying a "buy" or better, and the remaining seven says  "hold" or worse. Meanwhile, short interest shed 24.7% during the last two weeks, but still represents 10.5% of the stock's available float. 

 

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.