Reddit (NYSE:RDDT) Releases Earnings Results, Beats Expectations By $0.23 EPS

Reddit (NYSE:RDDT) issued its quarterly earnings data on Tuesday. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23, Briefing.com reports. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. Reddit updated its Q4 2024 guidance to EPS.

Reddit Trading Up 40.4 %

NYSE:RDDT traded up $32.99 during mid-day trading on Wednesday, hitting $114.73. The company had a trading volume of 22,347,873 shares, compared to its average volume of 4,573,521. The business has a fifty day simple moving average of $66.61 and a 200-day simple moving average of $60.82. Reddit has a 1 year low of $37.35 and a 1 year high of $117.00.

Insider Buying and Selling at Reddit

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Loop Capital raised their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Piper Sandler increased their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Raymond James raised their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. JMP Securities reissued a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Finally, Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.72.

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.