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

Reddit (NYSE:RDDT) released its earnings results on Tuesday. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85, Briefing.com reports. The company had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the previous year, the company earned ($1.05) earnings per share. The business’s revenue was up 48.4% on a year-over-year basis.

Reddit Stock Up 2.4 %

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

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 500,000 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 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 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 transaction of 16,150,000.00. Following the transaction, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 325,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 10,497,500.00. Following the sale, the chief operating officer now directly owns 1,736,813 shares in the company, valued at 56,099,059.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 price target on the stock. Raymond James initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $47.00 target price for the company. Citigroup assumed coverage on shares of Reddit in a research report on Monday, April 15th. They set a “buy” rating and a $53.00 price target on the stock. Finally, Loop Capital began coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $55.00 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.