Shares of Reddit Inc (NYSE:RDDT) rallied in early trading on Friday, after the company Thursday reported upbeat first-quarter results.
Here are the key analyst insights:
- JPMorgan analyst Doug Anmuth reiterated a Neutral rating and price target of $200.
- DA Davidson analyst Wyatt Swanson maintained a Buy rating and price target of $200.
- Needham analyst Laura Martin reaffirmed a Buy rating and price target of $300.
Check out other analyst stock ratings.
JPMorgan: Reddit reported DAUq (daily active unique users) net adds exceeding 5 million. That’s in-line with expectations. Its goal is to reach 100 million US DAUq over time, Anmuth said in a note. The company’s ad revenues grew 74% year-on-year, marking the seventh consecutive quarter of more than 60% ad revenue growth, he added.
Active advertisers grew 75% year-on-year, with “broad-based …