Reddit (NYSE:RDDT) Issues Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Reddit (NYSE:RDDTGet Free Report) released its earnings results on Tuesday. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23, Briefing.com reports. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. Reddit updated its Q4 2024 guidance to EPS.

Reddit Stock Performance

Shares of RDDT opened at $119.15 on Friday. Reddit has a 1 year low of $37.35 and a 1 year high of $123.60. The business has a 50-day moving average of $69.05 and a 200-day moving average of $61.61.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RDDT shares. Needham & Company LLC increased their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. B. Riley reiterated a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday. Jefferies Financial Group lifted their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Loop Capital raised their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Morgan Stanley upped their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $89.72.

Get Our Latest Analysis on Reddit

Insider Buying and Selling

In related news, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at $3,738,020.29. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the sale, the director now owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares in the company, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock valued at $23,503,224 over the last quarter.

About Reddit

(Get Free Report)

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.

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