REDDIT (#REDDIT) weekly special report based on 1.00 Lot Calculation:
SOCIAL NETWORKING
- SOCIAL MEDIA MARKET SHARE: Facebook continues to lead with around 64% of the market, followed by Instagram and Pinterest, taking up a little over 9% each. YouTube takes up around 7.5%, while Reddit takes up around 0.55%. This is according to Statacounter.com.
- COMPANY: Reddit is the 19th most visited website on the internet and 6th most popular social media provider. Reddit allows anonymous posts, supporting honesty and transparency. Interestingly, posts can be voted for by the community and the posts with the highest votes generate greater authority.
- FOUNDED: 2005
REDDIT: FINANCIALS
- REDDIT REPORTED SECOND QUARTER 2024 RESULTS: The social media company posted its financial results for the second quarter. Reddit’s Daily Active Uniques (DAUq) for the quarter increased 51% from a year ago to 91.2 million. In the first quarter, For third-quarter 2024, Reddit expects revenues to be between $290 million and $310 million. Ad revenues increased 41% year over year to $253.1 million. Other revenues surged 690% year over year to $28.1 million, driven by new data licensing agreements, including Google and OpenAI.
REDDIT: ARTIFICIAL INTELLIGENCE
- In the to-be-reported quarter, the company partnered with OpenAI. This partnership enables Reddit to bring new AI-powered features to redditors and mods. RDDT will be built on OpenAI’s platform of AI models to bring its powerful vision to life. This is expected to aid the company’s top-line growth in the second quarter.
REDDIT: PRICE ACTIONS
- RECENT MARKET CORRECTION: REDDIT LOST 37.1% FROM JULY 15 TO AUGUST 7. The stock fell from $77.73 to $48.90 (three-month low). Since August 7, Reddit has recovered by around 10%, trading currently around $54 a share.
- REDDIT HIT AN ALL TIME HIGH OF $77.73 (July 15, 2024). The stock trades currently around $54 and if it follows a full recovery to its most recent all- time high of $77.73, this could provide an upside potential of around 44%. However, the stock could further decline.
- ANALYST OPINION: Morgan Stanely forecasts $70, Piper Sandler forecasts $70, Citigroup forecasts $70.
REDDIT, August 15, 2024
Current Price: 54.00
|
Weekly |
Trend direction |
|
100.00 |
|
85.00 |
|
66.00 |
|
43.00 |
|
40.00 |
|
38.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
Pivot Points |
||||||
Profit or loss in $ |
46,000.00 |
31,000.00 |
12,000.00 |
-11,000.00 |
-14,000.00 |
-16,000.00 |
Profit or loss in €2 |
41,763.13 |
28,144.72 |
10,894.73 |
-9,986.84 |
-12,710.52 |
-14,526.31 |
Profit or loss in £2 |
35,786.41 |
24,116.93 |
9,335.59 |
-8,557.62 |
-10,891.52 |
-12,447.45 |
Profit or loss in C$2 |
63,044.38 |
42,486.43 |
16,446.36 |
-15,075.83 |
-19,187.42 |
-21,928.48 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:30 (GMT+1) 15/08/2024
There is a possibility to use Stop-Loss and Take-Profit.
- You may wish to consider closing your position in profit, even if it is lower than suggested one.
- Trailing stop technique could protect the profit.