Reddit (NYSE:RDDT) Announces Quarterly Earnings Results, Misses Expectations By $5.85 EPS

Reddit (NYSE:RDDT) issued its 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 business had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. During the same period last year, the business posted ($1.05) earnings per share. The business’s revenue was up 48.4% compared to the same quarter last year.

Reddit Trading Down 0.1 %

RDDT stock opened at 51.35 on Thursday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insiders Place Their Bets

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 value of 5,975,500.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDDT. New Street Research began coverage on shares of Reddit in a report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price objective for the company. The Goldman Sachs Group increased their price target on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Needham & Company LLC lifted their price objective on Reddit from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James started coverage on Reddit in a research report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price on the stock. Finally, Bank of America began coverage on shares of Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus 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.