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
- EVENT (CONFIRMED: TUESDAY, AUGUST 6, AFTERMARKET): Q2 EARNINGS RESULTS. The company is expected to print revenues of $253.7 million in the second quarter, up from Q1’s $243 million. Reddit’s second-quarter 2024 top-line growth is expected to have benefited from an expanding daily active Unique's (DAUq). Improvement in search engine results powered by AI and machine learning is expected to have driven DAUq in the second quarter. In the first quarter, DAUq increased 37% year over year to 82.7 million and Weekly Active Unique's rose 40% year over year to 306.2 million. This trend is expected to have continued in the to-be-reported quarter.
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
- REDDIT HIT AN ALL TIME HIGH OF $77.73 (July 15, 2024). The stock trades currently around $59 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 32%. However, the stock could further decline.
- ANALYST OPINION: Morgan Stanely forecasts $70, JPMorgan forecasts $67, Citigroup forecasts $70.
REDDIT, August 2, 2024
Current Price: 59
|
Weekly |
Trend direction |
|
100.00 |
|
85.00 |
|
71.00 |
|
48.00 |
|
45.00 |
|
43.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
Pivot Points |
||||||
Profit or loss in $ |
41,000 |
26,000 |
12,000 |
-11,000 |
-14,000 |
-16,000 |
Profit or loss in €2 |
37,994 |
24,094 |
11,120 |
-10,193 |
-12,973 |
-14,827 |
Profit or loss in £2 |
32,249 |
20,451 |
9,438 |
-8,652 |
-11,012 |
-12,585 |
Profit or loss in C$2 |
56,843 |
36,046 |
16,637 |
-15,250 |
-19,409 |
-22,182 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 08:30 (GMT+1) 02/08/2024
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.