Reddit (NYSE:RDDT) Announces Quarterly Earnings Results, Misses Expectations By $5.85 EPS

Reddit (NYSE:RDDT) released its quarterly earnings data on Tuesday. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85, Briefing.com reports. The business had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. During the same period in the previous year, the company posted ($1.05) earnings per share. Reddit’s revenue for the quarter was up 48.4% compared to the same quarter last year.

Reddit Stock Performance

Shares of RDDT stock traded up 1.92 on Wednesday, hitting 51.32. The company’s stock had a trading volume of 10,622,705 shares, compared to its average volume of 6,275,831. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Reddit in a research note on Tuesday, April 16th. They issued a “buy” rating and a $50.00 target price for the company. Piper Sandler upped their price objective on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday. Loop Capital assumed coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $55.00 price target on the stock. Needham & Company LLC upped their price objective on shares of Reddit from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley assumed coverage on Reddit in a research report on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of 52.40.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last three months.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.