Reddit (NYSE:RDDT) Issues Quarterly Earnings Results

Reddit (NYSE:RDDT) issued its quarterly earnings data on Tuesday. The company reported -8.19 earnings per share (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 during the quarter, compared to analyst estimates of 213.99 million. Reddit’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.05) EPS.

Reddit Price Performance

NYSE RDDT traded up 1.20 during trading on Wednesday, reaching 50.60. 10,064,613 shares of the company’s stock traded hands, compared to its average volume of 6,265,315. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 71,765 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 2,318,009.50. Following the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 2,318,009.50. Following the completion of the transaction, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Habiger purchased 3,000 shares of the stock in a transaction dated Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, 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. In the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Reddit in a report on Tuesday, April 16th. They set a “buy” rating and a $50.00 price target on the stock. Bank of America began coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. Sanford C. Bernstein upped their price target on shares of Reddit from $40.00 to $45.00 and gave the company an “underperform” rating in a report on Wednesday. Raymond James assumed coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective for the company. Finally, The Goldman Sachs Group began coverage on Reddit in a research note on Monday, April 15th. They set a “neutral” rating and a $40.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of 52.40.

Reddit Company Profile

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.