REDDIT (#REDDIT) weekly special report based on 1.00 Lot Calculation:
REDDIT: INITIAL PUBLIC OFFERING (IPO) (MARCH 21). The company went public for the first time in its history on March 21, 2024.
REDDIT: PRICE ACTION
- IPO PRICE: $34 a share
- CURRENT PRICE (MARCH 22): $48
- IPO CAPITAL RAISED: $748 million.
- MARKET CAPITALIZATION: ~$8 billion.
- STOCK EXCHANGE: New York Stock Exchange (NYSE)
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: 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.
- FOUNDED: 2005
- ACTIVE USERS: Reddit had around 70 million daily users in 2023 (UP by 13 million in 2022) and 850 million monthly users (UP from 2022’s 812 million). They have around 270 million weekly active users.
- MONEY- GENERATION: Reddit makes money through advertising on the site. In recent quarters, it would make a quarterly ad revenue of around $200 million on average. The company also offers premium packages of around $5.99 a month.
REDDIT: ARTIFICIAL INTELLIGENCE
- REDDIT CUTS A DEAL WITH GOOGLE: According to the Verge, Google is getting AI training data from Reddit as part of a new partnership between the two companies. A deal reportedly worth $60 million per year will give Google real-time access to Reddit’s data and use Google AI for Reddit’s search.
REDDIT: FINANCIALS
- REVENUE EXPECTED 2024: According to Bloomberg, Reddit’s revenue is expected to rise by 20% in 2024 to level close to $1 billion.
- REVENUE IN FISCAL 2023: $810 million. This is still up from 2022’s $670 million.
- NET LOSS IN FISCAL 2023: Reddit is not profitable company yet, reporting a loss of $90.8 million in 2023.
- CASH: $1.2 BILLION.
IPOs OF SOME OTHER BIG TECH COMPANIES:
Data Source I: Bloomberg
Data Source II: MetaTrader 4 Platform
*- Current Prices From Market Close On March 21, 2024
Please note that past performance of different instruments does not guarantee future results of Reddit.
REDDIT, March 22, 2024
Current Price: 48.00
|
|
Weekly |
|
Trend direction |
|
|
100 |
|
|
80 |
|
|
60 |
|
|
38 |
|
|
36 |
|
|
34 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
52,000 |
32,000 |
12,000 |
-10,000 |
-12,000 |
-14,000 |
|
Profit or loss in €2 |
48,082 |
29,589 |
11,096 |
-9,247 |
-11,096 |
-12,945 |
|
Profit or loss in £2 |
41,321 |
25,428 |
9,536 |
-7,946 |
-9,536 |
-11,125 |
|
Profit or loss in C$2 |
70,571 |
43,428 |
16,286 |
-13,571 |
-16,286 |
-19,000 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:00 (GMT) 22/03/2024
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Manager regarding their use.
- You may wish to consider closing your position in profit, even if it is lower than suggested one.
- Trailing stop technique can protect the profit – Ask your Senior Account ManagerClient Manager for more details.