Reddit (NYSE:RDDT) Releases Earnings Results, Misses Estimates By $5.85 EPS

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

Reddit Price Performance

Shares of NYSE RDDT traded up 2.42 during midday trading on Friday, hitting 52.53. 1,032,396 shares of the stock traded hands, compared to its average volume of 6,130,762. Reddit has a one year low of 37.35 and a one year high of 74.90.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 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 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders have sold 1,084,798 shares of company stock valued at $35,038,975 in the last ninety days.

Analysts Set New Price Targets

A number of equities research analysts have commented on RDDT shares. New Street Research assumed coverage on Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price target on the stock. JPMorgan Chase & Co. began coverage on Reddit in a research note on Monday, April 15th. They set a “neutral” rating and a $47.00 price target on the stock. Raymond James began coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective for the company. Sanford C. Bernstein increased their price objective on Reddit from $40.00 to $45.00 and gave the company an “underperform” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Reddit in a research report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of 54.87.

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.