CCOI
Cogent Communications Holdings, Inc.
CCOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
RDDT
Reddit, Inc.
RDDT has the edge over CCOI overall, supported by stronger fundamentals and lower modeled downside.
CCOI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Strong |
CCOI's balance sheet is currently strong, and its revenue and profitability are stable, but its cash flow is under pressure.
RDDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
RDDT's revenue, profitability, cash flow and balance sheet are all currently healthy.
CCOI PE Valuation
CCOI has no meaningful PE right now: it lost money over the past year.
RDDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $99.55 | — |
| Current | 20x | $99.55 | — |
| Cheap | 35x | $171 | +72% |
| Fair | 46x | $228 | +129% |
| Expensive | 53x | $262 | +163% |
Historical ranges are pointers, not guarantees.
RDDT's PE is 20x, but its earnings don't support one, so it isn't a reliable read right now.
CCOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect CCOI's losses to shrink, with revenue holding steady. However, they disagree widely on these estimates.
RDDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
RDDT has the edge over CCOI on the outlook, with more favorable revenue expectations.
CCOI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.70 | +$3.36 |
| Q2 2026 | -$0.95 | +$3.57 |
| Q1 2026 | -$3.54 | +$0.45 |
| Q4 2025 | -$3.80 | +$0.48 |
| Q3 2025 | -$4.06 | -725% |
| Q2 2025 | -$4.52 | -679% |
| Q1 2025 | -$3.99 | -116% |
| Q4 2024 | -$4.28 | -116% |
RDDT has the stronger earnings trend. Trailing diluted EPS is down 117% for CCOI versus RDDT down 39%.
RDDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.32 | +29% |
| Q3 2024 | -$7.98 | -$7.17 |
| Q2 2024 | -$8.19 | -$7.15 |
| Q1 2024 | -$8.38 | -$7.25 |
| Q4 2023 | -$0.56 | +$0.41 |
| Q3 2023 | -$0.81 | -$0.02 |
| Q2 2023 | -$1.04 | -$0.48 |
| Q1 2023 | -$1.13 | -$0.48 |
| Q4 2022 | -$0.97 | -$0.19 |
RDDT has returned to profit: it earned $4.90 per share over the past year, after losing money the year before.
CCOI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $231.2M | -4.4% |
| Q2 2026 | $235.6M | -4.3% |
| Q1 2026 | $239.2M | -3.2% |
| Q4 2025 | $240.5M | -4.7% |
| Q3 2025 | $241.9M | -5.9% |
| Q2 2025 | $246.2M | -5.5% |
| Q1 2025 | $247M | -7.2% |
| Q4 2024 | $252.3M | -7.3% |
CCOI's revenue has slid since its 2023 peak: $231M last quarter, down 4.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3% | +4.5 points |
| Q2 2026 | 50% | +63 points |
| Q1 2026 | -5.7% | +11 points |
| Q4 2025 | -4.7% | +8.5 points |
| Q3 2025 | -7.5% | +15 points |
| Q2 2025 | -13% | +5.3 points |
| Q1 2025 | -16% | +6 points |
| Q4 2024 | -13% | +12 points |
CCOI's operating margin was −3% last quarter, up 4.5 points from the same quarter a year ago.
RDDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $895M | +53% |
| Q2 2026 | $804.9M | +61% |
| Q1 2026 | $663.4M | +69% |
| Q4 2025 | $725.6M | +70% |
| Q3 2025 | $584.9M | +68% |
| Q2 2025 | $499.6M | +78% |
| Q1 2025 | $392.4M | +61% |
| Q4 2024 | $427.7M | +71% |
RDDT has the edge over CCOI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +5.5 points |
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 28% | +27 points |
| Q4 2025 | 32% | +20 points |
| Q3 2025 | 24% | +22 points |
| Q2 2025 | 14% | +25 points |
| Q1 2025 | 1% | +244 points |
| Q4 2024 | 12% | +11 points |
RDDT has the edge over CCOI on profitability, with a higher operating margin.
CCOI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$32.5M | +$628K |
| Q2 2026 | -$35.3M | +$64.9M |
| Q1 2026 | -$31.4M | -$9.7M |
| Q4 2025 | -$43M | -$11.5M |
| Q3 2025 | -$33.2M | +$46.3M |
| Q2 2025 | -$100.2M | -$29.3M |
| Q1 2025 | -$21.7M | -$73K |
| Q4 2024 | -$31.6M | +$60.7M |
CCOI has burned cash in eight of the last eight quarters: −$142M over the past year, against −$187M the year before.
RDDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $362.6M | +98% |
| Q2 2026 | $260.7M | +135% |
| Q1 2026 | $311.2M | +146% |
| Q4 2025 | $263.6M | +196% |
| Q3 2025 | $183.1M | +161% |
| Q2 2025 | $110.8M | +308% |
| Q1 2025 | $126.6M | +333% |
| Q4 2024 | $89.2M | +$111.2M |
RDDT has the edge over CCOI on cash generation, producing positive trailing cash flow while its opponent burns cash.
CCOI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -427K shares |
| 1 year | +0.8% | +398K shares |
| 3 years | +1.6% | +774K shares |
| 5 years | +2.4% | +1.1M shares |
| Available history | +4% | +1.9M shares |
CCOI has 48M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | $105.8M |
| Q4 2025 | — |
| Q3 2025 | $5.2M |
| Q2 2025 | $11.5M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2020 | $4.2M |
RDDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -169K shares |
| 1 year | -0.4% | -868K shares |
| 3 years | +24% | +38.5M shares |
| 5 years | +24% | +38.5M shares |
RDDT has the edge over CCOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100.4M |
| Q2 2026 | $234.6M |
| Q1 2026 | $5M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $4.2M |
| Q4 2022 | — |
CCOI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | 9.4x | High |
| Q3 2023 | -0.7x | Net Cash |
| Q2 2023 | -1.1x | Net Cash |
| Q1 2023 | -0.9x | Net Cash |
| Q4 2022 | 3.5x | Elevated |
CCOI has more cash than debt.
RDDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.1x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -5.0x | Net Cash |
| Q1 2025 | -13.1x | Net Cash |
RDDT has the edge over CCOI on leverage, with a lower net debt burden relative to earnings.
CCOI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.2 | Oversold |
| Stochastic | 3.5 | Oversold |
CCOI's weekly RSI is 26 (oversold) and its Stochastic is 4 (oversold).
RDDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.8 | Neutral |
| Stochastic | 6.5 | Oversold |
RDDT's weekly RSI is 35 (neutral) and its Stochastic is 6 (oversold).
CCOI PE vs Communication Services Sector
| Metric | CCOI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 16x | — |
CCOI has no meaningful PE right now: it lost money over the past year.
RDDT PE vs Communication Services Sector
| Metric | RDDT | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 16x | 23% above |
| PE % | 5 | 23 | 18 pts below |
RDDT is trading at 20x earnings, a 23% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
CCOI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.86 | 43% below |
| 20 week MA | $9.25 | 58% below |
| 50 week MA | $15.9 | 75% below |
| 100 week MA | $33.8 | 88% below |
| 200 week MA | $50.9 | 92% below |
RDDT has stronger trend alignment. CCOI is above 0 of 5 weekly averages versus RDDT above 0 of 4.
RDDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $130.6 | 24% below |
| 20 week MA | $151.7 | 34% below |
| 50 week MA | $165.0 | 40% below |
| 100 week MA | $167.1 | 40% below |
RDDT is in a downtrend: it's below all four of its weekly moving averages, and 40% below its 100-week average.
CCOI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $65.6 | $59.6 | -9.2% |
| 2021 | $59.6 | $73.6 | +24% |
| 2022 | $73.6 | $57.2 | -22% |
| 2023 | $57.2 | $76.1 | +33% |
| 2024 | $76.1 | $75.8 | -0.4% |
| 2025 | $75.8 | $22.6 | -70% |
| 2026 YTD | $22.6 | $3.92 | -83% |
CCOI has finished lower in four of the last six years. It's down 83% so far in 2026.
RDDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $46.0 | $173.5 | +277% |
| 2025 | $173.5 | $225.8 | +30% |
| 2026 YTD | $225.8 | $99.6 | -56% |
RDDT has the edge over CCOI on returns for 2026, with the stronger performance.