Reddit (NYSE:RDDT) Issues Quarterly Earnings Results

Reddit (NYSE:RDDT) issued its quarterly earnings results 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 firm had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. The business’s revenue was up 48.4% on a year-over-year basis. During the same quarter last year, the firm earned ($1.05) EPS.

Reddit Trading Up 4.8 %

Shares of RDDT traded up 2.42 during trading hours on Friday, reaching 52.53. The company’s stock had a trading volume of 1,032,396 shares, compared to its average volume of 6,130,762. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred 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 transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Insiders have sold 1,084,798 shares of company stock worth $35,038,975 in the last 90 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RDDT shares. Sanford C. Bernstein raised their price objective on Reddit from $40.00 to $45.00 and gave the stock an “underperform” rating in a research note on Wednesday. Citigroup raised their price target on shares of Reddit from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley began coverage on shares of Reddit in a research report on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target for the company. Roth Mkm raised their price target on shares of Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Raymond James assumed coverage on shares of Reddit in a research note on Monday, April 15th. They set a “strong-buy” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.