Reddit (NYSE:RDDT) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Reddit (NYSE:RDDT) released its earnings results on Wednesday. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12, Zacks reports. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%.

Reddit Trading Up 1.5 %

Shares of RDDT stock traded up $3.20 on Wednesday, reaching $216.96. 8,858,212 shares of the stock were exchanged, compared to its average volume of 4,910,688. Reddit has a one year low of $37.35 and a one year high of $230.41. The stock has a 50 day moving average price of $179.35 and a 200 day moving average price of $116.59.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Bank of America lifted their target price on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Loop Capital raised their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $162.20.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over 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.