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

Reddit (NYSE:RDDT) posted its quarterly earnings results 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 company had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. During the same period in the prior year, the company earned ($1.05) EPS. The firm’s revenue was up 48.4% compared to the same quarter last year.

Reddit Stock Up 5.9 %

Shares of RDDT traded up 2.92 during trading hours on Wednesday, hitting 52.32. The stock had a trading volume of 11,502,011 shares, compared to its average volume of 6,299,624. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RDDT. Robert W. Baird lifted their price objective on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a research report on Tuesday, April 16th. They set a “buy” rating and a $50.00 price target on the stock. Roth Mkm upped their target price on Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. began coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 target price for the company. Finally, Bank of America began coverage on Reddit in a report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of 53.07.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The shares were 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 in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

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.