Reddit (NYSE:RDDT) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

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

Reddit Trading Up 1.5 %

NYSE:RDDT traded up $3.20 during mid-day 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. The company has a 50 day simple moving average of $179.35 and a 200-day simple moving average of $116.59. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JMP Securities raised their target price on shares of Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Needham & Company LLC boosted their target price on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Bank of America raised their price target on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Robert W. Baird raised their target price on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $162.20.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,357 shares of company stock worth $41,121,108.

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.