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

Reddit (NYSE:RDDT - Get Free Report) posted its earnings results 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 company had revenue of 243.00 million for the quarter, compared to analysts' expectations of 213.99 million. The business's quarterly revenue was up 48.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.05) earnings per share.

Reddit Stock Up 4.0 %

RDDT traded up 2.00 during trading on Wednesday, hitting 51.40. The company had a trading volume of 13,494,101 shares, compared to its average volume of 6,369,240. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the company'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 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit 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 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 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 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 in the last ninety days.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler increased their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday. Raymond James began coverage on Reddit in a report on Monday, April 15th. They issued a "strong-buy" rating and a $50.00 price target for the company. Sanford C. Bernstein boosted their price objective on Reddit from $40.00 to $45.00 and gave the stock an "underperform" rating in a research note on Wednesday. Bank of America started coverage on Reddit in a research note on Tuesday, April 16th. They issued a "neutral" rating and a $46.00 target price for the company. Finally, Morgan Stanley initiated coverage on Reddit in a research report on Monday, April 15th. They set an "equal weight" rating and a $45.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and an average target price of 53.87.

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.