Reddit (NYSE:RDDT) Announces Quarterly Earnings Results

Reddit (NYSE:RDDT) issued its quarterly earnings results on Wednesday. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12, Zacks reports. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%.

Reddit Stock Performance

RDDT traded up $3.20 during trading on Wednesday, hitting $216.96. The stock had a trading volume of 8,419,223 shares, compared to its average volume of 4,865,954. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The company’s 50-day moving average price is $179.35 and its 200 day moving average price is $116.59.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,357 shares of company stock worth $41,121,108.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Piper Sandler boosted their target price on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JMP Securities upped their target price on shares of Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Finally, Raymond James lifted their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of $162.20.

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.